NF had a short covering auction last session. Buyers to sail further expected to use drive or gap and once got that they needed to defend 19820-19800 band else overlap session expected to test buying tail. They got the gap but failed to sustain above PDH and gone for testing below POC then all day remained in overlap with last session value area in narrow range and lower volume auction then closed at dPOC.
It was long liquidation profile today. 3days balance and more in this range they are attempting now. And 2days turned into composite POC with wide POC at 19812.With this wide POC and dPOC skew down close, buyers done a bad job today after gap up. Looking for filling back lower quad of 3days range now towards 19755/19735/19710 as long as no acceptance above 19820 in next session.
Acceptance above 19820 with drive/volume early in the session needed, to move higher above this 2days P profile composite now.
Levels wise, failing to stay below 19755 and move above 19820 could get 19845 and good above that for 19875-19890/19930-19940 if sustains 19980/20010/20040 possible. Failing to stay above 19840 could drop to 19810 - 19790 and weak below that for 19765/19735/19715 if sustains 19680-19670/19640 possible.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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