NF had a lower value day but got dPOC skew higher and a close there in last session.Observation was that edge was with buyers and they should defend 16540 and scale higher.. NF today but got a open way lower around PDL zone..Perfect reverse hook open which lead to clearing stuck buyers of last session via slow open drive down then post mid session turned into balanced profile to close at dPOC.
Major take away from today's auction is large gap zone 16350-16450 (which pushed NF higher earlier into upper disbn of May at start of this month) filled back with clean value now..Acceptance of such gap with value is weakness swing wise.
NF also cleared last week low and got value below. Another sign of weakness.
Buyers if want to move higher then they need to create value above 16490-16520 band to move towards 16570/16660..Failing to do so more weakness in coming sessions towards 16290-16265/16200/16090-16050/15980.
It was 3-1-3 profile today with tight range.. Tail at both ends and nice bell balance inbetween..Sustain tail zone = trend ; reject tail zone = back into value area probe.
We already got event lining up tmw to seek for imbalance move and structure also suggesting imbalance move for next session.
This is an excerpt from weekend report and NF auctioned similar way today between 16350-16450 to adjust inventory. //If we move downside then expecting some heavy chop/whipped moves in 16350-16450 zone.Reason is, we got clean 3 weeks balane lower and clean upper balance from last week higher..So, when price tries to migrate between balance to balance may not get clean straight move but could offer sm two way heavy whips..As buyers from lower balance might fight initially on test and then sellers from upper balance also resist for sm time// Now, next time if we acccept below 16350 we could seek for directional move for the probe zones as mentioned above.
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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