NF had a neutral extreme up day and outside day in last session.Observation was that inventory was not great with buyers so 17820 if they failed to defend considered weak.NF gone below 17820 right at open with volume and got clean drive..Probe marked till 17680 below 17820 and NF got till 17640 in IB and remained as balanced session then closed above dPOC.
NF stopped 9days of one time frame up..That sluggish move of entire last week auction got cleared quick at drive at open today and cleared that poor low at 17655.
3-1-3 profile i.e, tails at both ends and clean auctioned balance in between tails.Sustain value area = trend else look for other end of value area and look for sustaining value area other side.
Weekly support zone marked at 17650-17620 for bounce which held in NF today with buying tail. As long as today tail at low holds, could look for balance till 17870 and then later expecting a move down below 17600 if they could not sustain above 17870. If clears 17600, next round of liquidation possible.
Levels wise for next session,failing to stay above 17770 could drop to 17730/17700-17695/17670-17655 if sustains 17620-17600/17560-17545 probe..Failing to stay below 17700 could bounce to 17770-17790 and more bullish above that for 17830-17840/17860-17870.
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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