NF had long liquidation day in last session.Sellers expected to get drive down..They got so at open but failed the drive which pushed NF back to VAH zone in quick time.Later gone for two way auction repairing yday poor value area then closed at dPOC.Noisy and whip auction all through the day suggests imbalance move could follow in a session or two.
3-1-3 profile with tails at ends and clean balance between tails. Sustain tail = trend else back to other end of value area and look for trend that side.
Today close is weak with dPOc skew down and close there.Advantage sellers. They need to stay below 18000 to get 17930 for next session then start accepting below that to clear last week low 17875 then sustain for a move lower towards 17820/17775-17750. Failing to sustain below 17930 could move back to 18000/18040-18050 if sustains then move higher possible towards 18100-18120/18150/18200-18220.
Last 3days auction has left three wall of worries for buyers. 18200-18220 band then 18100-18120 band then now 18040-18050 band.
Auction structure of P profile with large tail first which got cleared with b profile next yday then today noisy auction of balanced day with flat data suggests, we are close to imbalance move being planned by sellers. Tomorrow or Friday max expecting break down for new swing low below 17830 and further move in coming sessions. If sellers not press it down quick then short squeeze possible to clear all above said wall of worries in a quick move.
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 :
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