NF had a spike down close last session..Observation was weakness for more followthrough towards 16850 and below with negation at 17120..Despite having all day value in spike, NF gone for close higher negating 17120.
NF left FA at low and closed as neutral extreme up profile..Buyers advantage at close..They need to get drive defending 17060-17080 or get gap after such auction.. Failing to do so and accepting below 17060 calls for value area repair till 16985 if sustains there then more liquidation possible.
One of weakest low NF printed today as same low at PDL / spike low..Risk is on long side for swing as long as this low not cleared..Highly mechanical low this is.
4th day of one time frame down.
17080-17110 buyers failed zone of yday got price back to them..They need to defend 17020 swing wise to take this up further..Else, today auction was just a whip for bigger move downside in coming sessions.
Swing short view met negation at 17120 today..Now, buyers job to get 17200/17290 holding 17020..Below 17020 back to swing short view to get 16950/16850-16820/16760/16650/16520 with same negation 17120.
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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