NF had a narrow range balanced profile in last session suggesting imbalance session next possible. Buyers for move higher expected to scale 18760.Failing to do so and closing gap at 18715 expected a move towards 18650 and quite weakness marked below 18640 till 18520. NF had a open test drive down closing gap below 18715 at open which pushed for 18650 for IB then gone for tight range and later started moving below 18640 which ended up as clean imbalance day with a move way below 18520 till 18440 then closed at low.
Clean trend day move with heavy volume and solid negative data.
NF cleared solid tail zone of 12/12..Weakness.
Trend day occured from 3weeks composite wide POC 18720 zone.
All above info suggesting initiative move started today by sellers.As long as NF stays now below 18640-18680 band more to come on downside.Sell on rise now.
NF moved way below from wide POC i.e, 45 degree move happened..So, possible to rotate down in closing imbalance zone i.e, below 18580 roughly for entire session tomorrow with two way balance or having PDL zone as pivot such two way balance could happen to bring down value. If we stay below 18400 with drive or clean extension then another imbalance down day possible.
Swing Long from 18590 met 18810 and got negated today at 18600..As discussed in commentary, 18300/18220/18150/18050 now opened up for swing if we clear 18400 next.Prefer to enter short trade on pullback to 18540-18560 zone with 18680 negation with small size then could add later below 18380 to get above said objectives. If goes straight to 18680 quick, then swing short view negates and we may see some good balance in today's range..After good balance if we scale 18680 then again back to 18810/18840.
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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