NF had a clean short covering P profile closing at dPOC in last session. Buyers expected to get drive/gap and once sustains value then expected to stay higher without moving below that wide POC to avoid filling value area. NF had a slow open rej reverse up moving above PDH and sustained higher in tight range in first session but could not scale after whipping above 18375.Dropped into value area to clear POC which lead to liquidation almost to get VAL of last session..Then closed below dVAL.
Neurtal extreme down day and also double disbn down liquidation day..Not able to capture and sustain in upper disbn could lead to more liquidation.
Today's session printed lowest volume of months..Just 48L. Sign of no demand..This info and structure of just look above and failure of last 2 days back to back imbalance days zone with a close at dVAL suggests higher odds to move down to test large buying tail and naked POC down 18240/18210-18195 minimum.. Negation for this view at 18380 for tmw.
Levels wise, failing to stay above 18330 and move below 18300 could get 18270/18240/18210-18195/18165/18130. Failing to stay below 18200 and move above 18250 could test 18280 if sustains 18310/18335-18345 possible..Further bullish above 18350 for 18375/18410/18440.
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.
Comments