NF printed FA at top and gone for neutral extreme down day on Friday..NF also formed ledge around 14490 suggesting commitment in that zone. Kept 14500 as good swing ref for bearish view. NF had a gap up and could not sustain 14490 and gone for open rej reverse down move. Below 14430 probe was for 14380/14295 which happened quick in IB itself and had quick imbalance up.
When you have large IB range and quick back to back imbalance in such large IB range, immediate expectation is to look for balance for most of the session.NF has gone for this balance post IB period but finally at close ended with spike down to close below dVAL..
Auction pointer from last session :
NF held neutral day ref 14500 and left a large selling tail.After such tail, gone for all day lower value and closed down with small spike.
NF printed 3rd day of one time frame down and all three days closing at lower quad around/below VAL.
Both above pointers suggesting sellers control and weakness.
As mentioned in previous report as well as in commentary yesterday, rejection in 14500 zone means could get a quick move down below 14250 towards 14130-14080 zone.14370 negation for this view now.
Due to spike, price moved away 45 degree from wide POC of the day..Failing to sustain below 14260 and acceptance above could move back to POC 14370 quick..To avoid this scenario, sellers need all day lower balance below 14260.
As mentioned under monthly time frame view in the weekend report, any move below 14275 of this monthly profile with volume increases the odds for closing the month at lows..Focus on this in coming sessions with negation for this view at 14400 as of now.
For next session, staying below 14250 probe is for 14210/14160/14110-14080.. Quite weak below 14075 for 14015/13970 and this zone could produce two way move if we get there..
Above 14330 could get 14365/14410-14430 and quite bullish above 14440 for 14480/14520-14530.
Failing to sustain above 14300 and below 14110 could lead to balance in between.
Charts and data:
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
Comments