NF had a clean large gap down but could not sustain below last week balance and all day gone for filling LVN left last week then closed well above dVAH.
Quite wide elongated poor value area profile NF has left today with many anomalies..Buyers need to defend 17180-17210 band early in the day and look higher above 17250 all session to probe towards 17330-17350 if sustains there then more upside possible..Failing to sustain higher above 17250 and accepting below 17180 calls for another two way overlap session to clear anomalies left in today's poor value area.
NF showing signs of sm quick whipped 2-3 sessions ahead..We had good balance down below 17100 then had extn higher last week leaving LVN via gap and tails and gone for second distribution higher.With that upper disbn thicker than lower disbn, observation was that probe is back into lower distribution which happened today..But, despite having value built in that LVN zone below 17190, NF got a move higher..This suggests now, we may not go anywhere as trending but make it as large balance i.e, 17000-17200-17400 kind of zone filling for 2-3 sessions.
As mentioned in commentary, today's lower distribution got weak buyers..They got clean mechanical supports at start of the move as well as during pullback.EOD data also not convincing that we got committed buyers for rally.So, swing wise longs need to be carefull till we get a repair back to 17110-17080 zone..Am expecting this zone need a fill back in a session or two.
17350 and then 17420-17450 two zones quite tough to clear with today's profile and data from today's auction..Expecting rotation down if we get a move there.
Swing short didnt get a tradeable open..Context wise below 17250 probe was marked for 17150/17050/16975..Two zones done and one more due.. With two way auction of next 1-2 session, expecting this probe to be fully done..Stay light with size this week as expecting higher swing intra due to balance to balance migration auction.
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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