NF had poor high and liquidation b profile with 4th day of one time frame down in last session.Drive below 18650 required for next leg of liquidation and buyers expected to sustain above 18720 for rally higher towards 18770 and above .NF whipped below 18650 at open and couldnt get drive down and also whipped above 18720 only to mark IBH and gone for balance all day inside this range then closed at dVAH.
Normal day i.e, auction within initial balance range then closed at dVAH..Likely to deliver imbalance session next after such normal day auction.
5th day of one time frame down.
Buying tail at low which becomes swing support now because of dPOC skew at close..Buyers advantage at close with such skew and they should go for drive/gap..Failing to do so and moving below PDL is for liquidation.
Structure wise, mentioned that NF just doing range extn down via balance after balance and expected mean reversion back in last 3 days range..NF shown signs at start of the day today to do that then gone for another well balanced day..Some good expiry inventory management happened today..Higher odds for this mean reversion upside move to happen in next session staying above 18650-18680 band.
Buyers for next session need to hold 18680 and sustain higher above PDH as early as possible to get 18790-18810/18840/18870/18910. Failing to sustain above PDH and move below 18680 could get another overlap session and weakness beow 18650 for 18600-18580/18550 and below.
Swing view same view – balance between 18600-19000.
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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