NF had spike close with advantage buyers in last session and they next sustaining higher above 15860 expected to get 15950/16010/16050. NF got a gap and drive to probe 16010 then lead to liquidation move which probed yday POC by closing gap and then closed at low.
NF left solid rejection at top almost a FA and gone for 2IB down move with neutral extreme down auction. This is quite a rejection considering that neutral auction happened at new price range i.e, look above last week balance/ weekly profile then got failure and printed good volume. As long as upper disbn of today profile holds, more liquidation possible.
It was spike down at close.Spike rules apply for next session. 15805-15750 spike zone..Accept in spike zone / below spike zone = weakness ; Sustain above spike zone = strength.
NF at close negated yday spike up..Weak for buyers.
Sellers for next session should hold below 15850-15875 band and look for acceptance in / below spike zone of today to get 15690/15650 and below.Failing to do so and accepting above 15875 calls for minus development to POC zone 15950-15975 as we got 45 degree move away from wide dPOC.
Weekly and monthly view in weekend report mentioned that 16010-16050 zone to look for pullback to test 15850/15750 and this is done now today. Now staying below 16050, swing opened up for repair of structure till 15520 minimum and could stretch to 15350. As mentioned in previous reports, we have stack of weak lows down side 15650 poor/weak low with double print tail, 15520 FA at old visual ref then 15360 weak two days low from 22/23-06 so liquidation means all such visually stacked weak refs could be probed down.
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 :
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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