NF had a gap down + selling tail + lower value day closing at dPOC in last session.. Auction was incomplete at low and observation was that swing low was weak. NF at open gone for drive down below PDL but could not sustain and failed the drive which pushed price higher into yday selling tail zone..Imbalance could not sustain post mid session and found exhaustion in long liquidation tail zone which cleared longs till PDL zone again and then closed below dPOC.
Data wise nothing happened today except clearing some shorts. Gap + tail of previous session held the session today again.Such short covering inside traded value area weakens the structure.
Almost a inside day and now two days balance too..Again same story of buyers leaving weak lows for swing and its not over yet downside for swing..Sustaining below 15710 could look for liquidation next session and acceptance above 15740 could go for another overlap session.
As mentioned yday as long as we dont get clear secured low for swing below Mar low zone 15670, long side is risky.Double print tail of yday gone and got secured low for the day but not good enough to call it as swing low.
Odds are increasing for 15510/15420-15400 as long as we overlap here and not accepting above 15940-15980 band.
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 :
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