NF had a 4IB down trend day in last session.. Observation was that two weeks balance resolving lower so any bounce could find it tough to clear 16900-16950. NF got a bounce at open to shot up higher above 16950 but could not sustain and left FA there and turned into neutral extreme down day to close at low.
Pointers from the day :
NF left FA at top from RBI day scene of crime zone which suggested to show exhaustion/rejection at open commentary today..That zone responded.Sellers had a one time frame down control all session and closed at low.
It was inside day and neutral extreme down day and closed at low. Post inside day, could look for imbalance day.
16830-16860 band now becomes resistance for next session.Staying below this could look for skew down..Acceptance could push higher back to 16950+.
Mentioned yday swing reversal only above 17080 and tagging 16950 calls for a balance..FA of today at 16950 if committed then should clear 16650 to get next swing obj 16400. If moves below 16650 then swing reversal level could be moved to 16860 from 17080.Failing to sustain below 16650 could get another overlap profile.
If moves to next obj zone 16400 then as mentioned could look for decent bounce and later could open up for 16200/16050/15900.
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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