NF had double disbn down day in last session.Sellers to gain control expected to defend 17430-450 and rotate back in lower disbn today.They failed to do that and started accepting in upper disbn via open drive. Above 17450 probe was marked for 17490/17535 which they done all day via tight balance.
8days of one timeframe down stopped..Acceptance of yday upper disbn means suggested that we could go for balance for few session. NF on this now..Structure is weak as usual on this sluggish move today.17490 ref for buyers tomorrow..Not able to hold could see some good liquidation.
Short covering P profile.Upper quad extension today is poor with anomaly and need repair..
Some massive distribution is seen today after IB period which made the extn sluggish and this supply not shown sign of exit yet..Not at all giving conviction for any massive rally yet and as mentioned in yday report swing low not done yet..So, as discussed in commentary today use this sluggish bounce to make exit of any stuck long positions and wait for better confirmation to think of looking long side.Swing is not over yet downside.
Two ways this could go from here a) either balance between 17400-17650/17700 roughly then resume downside again or b) today/tmw is end of pullback and resume one way down again..Anything meaningful for reversal would consider after 17700 only now.
Levels wise for next session,failing to stay below 17490 and move above 17520 could get 17550/17585/17620/17650. Not able to stay above 17540 and moving below 17520 could get 17490/17465-17450 and weak below that for 17425/17380-17365 and quite weak below that for 17325/17290-17275.
Swing short from 17920 negated today at 17535 after probing 17350..Will wait for a day or two now to decide on next move.
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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