NF had a 3days bell balance closing at dVAL in last session. Was suggesting weakness to continue and less chance for rally without clearing that weak swing low at 15670. After a major event last night, NF got a clean gap up above PDH and negation zone 15820 but could not sustain and started getting open drive down into 3days balance quick with decent volume.Left a selling tail above 15820 and liquidation came in.
As the previous session was nice balanced two way session and infact last 3days bell was such two way auction, imbalance took place to clear that balance quick..And then swing low gave up which lead to massive liquidation for 5IB down day.
It was classic trend day auction not giving much of chance to buyers to make exit and kept auction all day lower and got close at low. dPOC skew and auction incomplete at low with edge on sellers side. As mentioned in commentary, more follow through possible for next session as we have no major support below 15400 till 15200/14980.
Swing obj 15510/15400 both done but the volume (1.6x of avg) and heavy rotation factor (22) suggesting fresh leg on swing opened up for next obj 15200-15150/14980-14950. We are not close to bottom with such figures. Any bounce towards 15480-15550 could see a rejection..Acceptance above 15550 could call for balance and reversal as of now only above 15750.
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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