NF had a normal day on Thursday with weak high and observation was that path of least resistance upside and auction was yet to be completed upside.15040 was kept as negation for this view. This was proved wrong with large gap down around 14900.Day remained as trend down day in first session and turned into long liquidation profile negating trend day and closed below dPOC.
Auction pointers from the day :
NF had a gap down and 3IB down day with huge volume of 263L which is higher than budget session. Clear case of huge long liquidation and unless this day's high is taken out, more downside possible.
It was a trend day in first session then negated trend day and turned in long liquidation b profile..Every rise have seen stuck longs making exit which lead to b profile.If we do not accept below Friday low in next session early, then similar exhaustion could be seen on any rise in next session and that could lead to overlap value inside day. 14690 / 14750 and 14820 are the zones to watch for exhaustion on any rise.
Acceptance below Friday low could see another liquidation day.
Large gap down with such 3IB down day auction rarely could be reversed with upside auction quick especially after such volume happened.Even if buyers want to take it higher, they could allow a few days of balance before doing such move.So, auction further from here could be either more downside or overlap in Friday's range for few sessions.
Price wise for next session, failing to sustain below 14550 could test 14580 and then 14635/14680/14720..Once started accepting above 14580 it could be treated as buy on dip with 14520 negation till probe of 14680/14720. Further acceptance above 14750 could move towards 14790-14820 if sustains then 14875/14930 possible.
Failing to sustain above 14690 and back below 14650 could move towards 14590/14550.
If fails to sustain above 14750 and acceptance below 14710 could get 14635/14590/14550.
Weak below 14520 for 14480/14450/14395 if sustains then 14350/14285/14200 probe possible.
As mentioned above, failing to sustain below 14520 and above 14930 could lead to two way auction for a session or two.Trend if we create value beyond this range.
Charts :
Daily
Weekly
Monthly
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.
コメント