NF printed a outside day in last session. with dPOC skew down.Observation was that holding below 16390 sellers could get move down. NF got a gap down but could not sustain below PDL and gone higher which got rejected around 16390 in first session but later gone for heavy whip day not allowing sellers to get follow through and ended with spike higher to close at day high.
Buyers had control all day luring shorts in then clearing them out and closed with spike higher..Spike rules for next session. 16420-16495 spike zone..Accept in spike / above spike = strength ; below spike = weakness.
It was stealth auction at close today..i.e, all day sellers tried to push down but failed and got a squeeze at close for large swipe upside..Such auction is to clear short term inventory with short term objective than committed inventory for large move. Stealth auction weakens structure than momentum upside. 16350 swing support now for this stealth auction happened today..Back below this 16350 liquidation move down possible next session.
Outside day range almost filled back today and now we have got 3days bell balance..As mentioned in yday report, straight down or 1-2 sessions balance in outside day range then move down expected..Now, today's auction got some large inventory shift from 16350-16360 zone..These buyers should look for rally higher away from this balance early in session tomorrow else back to same view of balance/skew down in coming sessions. Back to back whipping days now intra means lot of inventory shuffling happening for a larger move.
As mentioned yday, sustaining 16520 could get 16640-16660 then decider there..Failing to do so could fall back in last 3days balance starting with 16350 if gives up then back to 16280-16250 if sustains then more downside.
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 :
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