NF had a double distribution up day after large gap down then closed above dPOC in last session. Observation was that poor structure due to skewed upper disbn hence filling back of value area expected.Below 17980 marked for 17950-925 then 17870-17850 and bounce. NF could not sustain the open in upper disbn and gone for liquidation straight to probe till 17870 in first session then bounced and later closed at dPOC.
It was clean long liquidation b profile. Negated entire double distribution of last session which confirm it was large inventory adjustment move.Committed buying do not allow probe back all their zones right in next session.
dPOC skew at close with sellers advantage. Need to get drive/gap for more liquidation.Failing to do so and accepting above 17920 calls for another overlap session to fill the range of 14/09..
Large selling tail and long liquidation profile confirms that 18100-18150 locked as of now.
Swing wise said that staying below 18100-18150 could get 1-2 sessions of sideways session for balance in 18150-17900-17750 range..NF is on this now and got more confirmation today with long liquidation auction. 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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