NF had a gap down open in last session but closed gap quick and gone for balance.Later got extn down in second session clearing swing support 22660 then closed at dPOC.
Double distribution down day.
Balance above 22660 extn for 3days now failed to sustain and gone back into Apr lower balance at close is weakness. Good extn handle at 22680 with volume and as long as staying below this, probe is to travel back down in lower balance of Apr towards 22525/22475/22440 for next session.Strength above 22685 to probe higher.
Levels wise, move above 22685 could get 22720/22750-22760 and above 22770 could get 22810/22835-22845/22870. Weak below 22590 for 22550/22525/22485-22475 if sustains 22440-22420/22365-22350 possible.
Weekly :
NF gone for tight bell balance in previous week with skewed dPOC close.Buyers needed to push early in the week if wants to move away from this composite after such a close.Move above 22660 marked for 22720-22740/22830-22850. This they have done this week and delivered another tight bell balance week but closed below dVAL this time.
22690 pivot for the week.Staying below this move is towards 22565/22475/22420 bounce else 22375/22320/22260 possible and quite weak below 22240 for 22150/22090-22060.Above 22690 could get 22750/22810/22870.
Monthly :
Apr gone for 6th month of one time frame up and staying above 22450 expected move to 22850 which is done. Apr got upper disbn for monthly but last session closed extn handle at 22660 and slipped back to lower balance of Apr with a move below 22660. This gives two scenarios a) test lower end of lower balance zone 22475-22440 worst case 22400 swipe then bounce and balance roughly between 22400-22850 for Apr or b) continue down move with volume below 22400 towards 22260/22090 then decide there.
Charts and data :
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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