NF had back to back inside days with dPOC skew down with sellers advantage close on expiry day. They got gap down and ORR down on Friday..Move below 19320 expected to get 19275/19240-19225 and they probed 19275 then left poor low there to bounce higher at close to fill the gap then closed below dPOC.
Neutral center day closing below dPOC/VWAP after closing gap. Sellers advantage since they got value lower.
Heavy poor low at previous gap zone 19273 which is yet to be closed..Any rally from this profile higher could be short lived as swing low not done yet.
Closed below 3days balance..Sellers need to stay below 19350-19370 to get follow thorugh down else squeeze back into 3days balance possible.
Levels wise, move above 19355 could get 19380-19390/19435-19445 if sustains then 19475-19485/19510/19535 possible and staying further higher could get 19575/19600/19630.Move below 19315 could get 19275/19250/19225 if sustains 19190-19180/19150/19125 possible. Failing to stay above 19440 and move below 19390 could get 19360-19350/19325.
Weekly :
Inside week closed at low below dVAL last week suggested weakness. 19540-19565 considered as pivot for the probe downside towards 19460/19420-19390 then bounce else test of 19320/19275/19165-19150 expected.They got 19320 straight at start of the week then bounce could not clear 19540 and then gone for test of 19275 again then closed at dVAL of balanced week. 4th week of one time frame down and lower value week closed below 6weeks balance.Weakness again.
Sellers need to get early follow through after such close at dVAL of balanced week. Failing to do so could move back to VAH of the week and should look for follow through higher..else rotation back for overlap. 19350-19370 pivot for the week to look for downside follow thorugh towards 19225 if sustains 19165/19125/19080 possible.Above 19370 could get 19440 max 19480 then could rotate down to 19390/19350..Accepting above 19480 could get 19535-19550 which could rotate down again towards 19440/19390/19350..If sustains 19550 then 19600/19660 possible.
Monthly :
August as long as staying below 19700, expected liquidation towards 19360/19270/19165/19050.Suggested that move is not over yet. They have moved now till 19275. Same view still that staying below 19700 looking for remaining probe zones 19165/19080-19050 to be filled. 19480 now good res to hold on any bounce before moving down further below 19300. If 19480 accepts then one more push to 19600-19650 possible before coming down. If accepts 19700 then push back to 19800-19850 possible.
Charts
Daily :
Weekly :
Monthly :
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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