NF negated two distribution of triple distrbution profile of 06/04 and had overlap in lower distribution in last session but not able to negate FA 17665 gave mixed signal.. Observation was that if no liquidation means more fill in balance or gap down means liquidation expected. NF gone for clean gap down and got liquidation move in IB swipe then later bounced to get IBH..That bounce above IBH got sold off again to close at dPOC. Hypo E second part played in IB from 17565 to 17510.
Pointers from today's auction :
NF negated FA of 17665-17655 from 06/04 with gap down today and accepted the gap till close.
All day managed to held lower value and closed below dPOC.
It was neutral day and bounce above IBH failed to close gap and pushed down for dPOC at close.
Another trend day from 01/04 got negated clearly today by accepting in most of buying tail zone there.
All above info suggesting weakness. As mentioned in commentary, today's auction and close opened up 17425/17380/17265 probe downside swing wise.Negation at 17700 now for this view.Any move higher after such close today likely to be sold off again as long as staying below 17700.
NF left FA at low today..But close was with sellers..If buyers of this FA are committed then should defend 17530 and look for scale of 17615 next to get 17665 test prev FA zone if accepted then could move towards 17730-17750 zone and above this, we could look for solid reversal for 17850-17900/18050 with negation at 17600. Failure to get such move means first expectation is to look for overlap in today's profile as poor value area it is due to neutral day and then look for more downside towards 17425-17380/17265.
View of large range inside 17600-18250 now got negated with today's auction..Till we get acceptance above 17750 as mentioned above, no swing long view.
Charts,data & Hypos :
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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