NF had a large gap down stopping 4days of one time frame up. Could not sustain the gap at high of previous 7days balance and bounced to close gap and tag POC then closed above dPOC.
Left buying tail at low and printed double distribution profile..Solid inventory adjustment day with heavy volume. It was trend day for most session then failed the trend day by retracing entire second distribution range in closing session.
Second disbn is skewed i,e lengthier than lower distribution.Sign of adjustment/too stretched and not a structure to look for rally..With this structure and failed trend day, NF could go for filling this value area for 1-2 sessions via two way auction.
For next session, buyers need to defend 17980 and look higher above 18010 to get back to upper end of distribution 18080-18100 if sustains then 18150+ possible. Below 17980 test of 17950-17925 bounce or 17870-17850 then bounce higher possible..Below 17850 could go for testing PDL and 17750.
Swing wise staying below 18100-18150 could get 1-2 sessions of sideways session for balance in 18150-17900-17750 range and acceptance below 17750 could move to 17600/17450.
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 :
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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