NF had a spike up close in last session.Observation was that bounce was mechanical and inventory adjustment move after gap down hence minimum retest of 17710 expected and till then long side considered risky.. Considered weak below 17775 for 17710/17680/17650. NF gone for PDH failure and moved down clearing spike low earlier in the open session then all day stayed down to clear all the mechanical buying zones marked till 17670 and closed at day low.
Double distribution down trend day clearing extn handle of 03/03...Negates the buying intent started that day.
It was DD day with rotation factor of -15 and poor value area. Not a proper profile to look for major down move and needs repair before doing so.
Outside day failing to stay above PDH gone for PDL swipe.
All above factors adds convition to the view mentioned yday that 17550-17850 zone new balance possible now.
dPOC skew down..Advantage sellers..They need gap or drive down and once done stay below lower disbn of the day else move back to repair this profile possible.
Levels wise for next session, fails to stay above 17680 could drop to 17640 and weak below that for 17610-17590/17560/17535..Major weakness if stays below 17535 for 17475/17450-17440. Failing to stay below 17600 and back above 17670 could get 17705/17735-17745 if sustains 17770/17805 possible.
Swing view same as mentioned in last report that 17550-17850 balance roughly before next leg on swing.
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.
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