NF had a short covering profile in last session. 2nd day of staying above 7days balance considered bullish and buyers expected to get drive gap post this P profile. NF got gap and slow drive and gone higher then closed at dPOC.
4th day of one time frame up.
Double distribution day.
Back to back second day of lower volume well below average. Double distribution day in a on going trend brings in pause/halt in a trend esp when printed with lower volume. Sign of too long inventory which we have seen many times earlier. As discussed in closing commentary, unless buyers get initiative move next from this DD profile, liquidation break possible then could go for fresh balance in range of 17840-17950-18100. Sustaining below 17840 calls for 17760/17600.
Swing probe 18100 met today..Next need to sustain higher above 18130 to get 18250/18350 and negation for swing long view now at 18040.
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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