NF left a failed auction at top and ended as neutra day + long liquidation profile with mechanical low into close in last session..Observation was that yday low likely to give up for another liquidation move.. NF got another gap down and push down at open then remained as neutral day.Bounce higher got rejected at yday VAL zone to push down again for new low, then closed below dPOC.
Auction recap :
Another neutral day today..Those sellers from 18075 still ruling the auction by rejecting the upmove.
2nd day of one time frame down and today left poor value area..Overlap possible tomorrow if no acceptance below today low.
Today low not so convincing to have swing low so odds are there for one more low in next session.
NF now negated large tail and gap zone from 04/04.Swing wise weak..If no attempt from buyers tmw to save then could look for more downside.
That large LVN zone of 17650-17925 after 04/04 auction expected a refill and today the move almost coming to end with low today 17690..Swing wise suggested 17700-17650 probe and this is done now..We are in important zone here to decide rest of Apr auction..
This zone of 17650-17690 should hold and accept next above 17850 to get 17970/18075 with negation at 17750 then could make some balance for few sessions..If 17650 starts accepting then 17580-17550 probe and that band goes means quick move down to 17425-17375..
Charts,data & Hypos :
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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