NF had double distribution profile with 4th day of one time frame up closing in last session. NF had a open way below at lower balance of double disbn profile which lead to liquidation from longs who got stuck in double distribution profile. Considered quite weak below 17775 for 17750/17720 which got probed via IB then remained as tight b profile and later failed to sustain below IBL which pushed higher to tail zone, only to reject and end as balanced profile with a close at dVAH.
Auction pointers from the day :
NF stopped one time frame up of 4days and made lower low.
It was long liquidation profile in first session and then turned into balanced auction. Day registered quite a good volume than average today at 120L..If this volume has got buyers then they need to accept 17890-17920 band and should move higher to repair poor high at PDH..Failing to do so, looking for probe back in today's value where it has left poor value area with anomalies..And,accepting below today value could lead to next leg down of long liquidation.
With DD profile yesterday, mentioned that rally started from 17300 possibly could end in a session or two..Now, today we got that one time frame up move stopped.Reversal or balance is the bias now.As long as not accepting above 17920 could get 17675/17590 then might go for balance or next course of auction.
Swing view from 17540 after tagging 17950 moved the negation to 17850, which got probed today.
For next session 17785 support. Failing to stay below this and move above 17820 could get 17845-17855/17885/17910-17920. Quite bullish above 17925 for 17950-17965/17995/18020/18065/18110. If fails to sustain below 17730 and moves above 17795 then could get 17820-17845/17885/17910-17920.
If fails to stay above 17840 and moves below 17785 could probe 17755/17725-17710/17690-17675 and quite weak below 17665 for 17630/17600-17590/17550/17520.
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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