NF had a spike close last session with buyers ruling all day with tail + balance + spike. Due to weaker spike, follow through next was expected. NF got a open above PDH/spike but could not hold spike and VWAP zone which was expected to hold and seek value higher..Failing to do so and accepting VWAP was expected to get liquidation to test tail zone then staying further expected liquidation. NF gone for this liquidation move all day..Every rise got sold to print 2% down day with close at dVAL.
Pointers from today's auction :
It was trend day down.
Large balance opened up lower and cleared last week and Apr Low.
4th week of one time frame down now after a inside week.
Outside day with > 4IB down day and volume of 168L today is one of top 5 days in the year.
All above info suggesting this two week old balance got more legs to push down. Any bounce could find it tough to clear 16900-16950 band.Staying below this band probe is for 16400/16200/16050. And clearance of 16950 calls for balance..As of now trend reversal could be confirmed only above 17080..After a session or two this ref could be brought down.
Swing wise expected few more sessions of balance and this view got negated with downside extension today. Weekly scenario A activated today and met first obj 16650 below 16800..Now as said above, holding 16900-16950 could get 16400 which could offer a bounce then 16200/16050 gettable later.
Charts & 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 :
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.
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