NF printed 3-1-3 profile last session with decent swing low chances and buyers had edge with dPOC shift and close above dPOC.They next expected to defend 16150 to move higher..If failed to do so then overlap expected and below buying tail good liquidation was expectation. NF after closing above dPOC straight away opened in buying tail zone leaving all those buyers under water, which lead to quick good liquidation via open drive then left them under pain all day with lower value..End of the day could not close as trend day and bounced to dPOC and closed below it.
Pointers from today's auction :
NF printed 8th day of one time frame down and another strong liquidation day from longs with large selling tail.
They got another buying tail today which pushed price back to dPOC..Towards close dPOC skew down favouring sellers.Sellers if committed then should push early in session below 15750.If buyers of tail committed then should sustain 15850 early in the session to probe tail at top at 15920 then have to develop value in selling tail further to get rally higher..
Failing to do so, could get overlap session to repair poor value area left today..And acceptance in buying tail means March low in danger via liquidation.
Final swing objective 15900 done.. With highly oversold reading via MO (advance /declines of broader market) and 8th day of one time frame down, prefer a balance before moving to next obj zone 15450 on break of 15700-15650 band. With back to back large selling tail days now, swing long also not a preferrable idea as it requires lot of effort to sustain and rally straight with such large tail zones..So,any rally could face exhaustion/rejection to form a balance hence prefer to wait for a session or two to decide on swing.
Charts & 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.
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