NF left a 3-1-3 profile in last session.16490-16520 kept as ref for buyers to accept and create value above..Failing to sustain tail was for probe back in value area. NF opened in selling tail around PDH zone and failed to sustain then gone for entire value area probe right at open then cleared PDL.. During RBI event, moved all the way up to clear PDH and moved higher above 16520 but only to whip and leave tail at top..After disbn at top, all day got liquidation move back to PDL zone again but could not clear the buying tail fully then closed at dPOC..
NF printed a outside day on RBI event day.. Outside day rules tmw.Sustain range = trend ; Failing to sustain range of outside day = look for fill back in day range.
Due to three way move today, NF left quite a poor value area with two neat distributions..For sellers, they got dPOC down hence need a drive down or gap down holding below 16390 else could give way to buyers above 16390 to repair poor value area till 16460/16490.. This 16460-16490 tough zone to clear now.Expecting a exhaustion/rejection if we get a move to this zone in next session..Buyers get smooth move only on acceptance above this band for next session.
2days forming now clean bell balance after having 6days bell balance at top.. Buyers from that 6days balance still stuck and now we got 2days balance down. Bias from here for swing is more downside towards 16200/16090-16050/165980/15920...Either straight or after having 1 or 2 more session balance in this outside day range..Negation at 16520 now for this view. Swing goes for large balance ( i.e,this 6 days balance at top and then last 2days balance now could then become one large balance ) if we sustain 16520 with a move to 16640-16660 first then decide there.
Second day of acceptance in May month lower distribution now..More we stay below 16460-16490 band higher the odds for liquidation from buyers in coming sessions.
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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