NF confirmed weakness in longer time frame with all FAs and gaps gone in last session. Observation was that due to 3-1-3 profile fill back in value area possible and also any rally means expected it to be sold off. NF in first session got open drive down after failing to stay above PDH to fill back value area..Then later left heavy poor low at day low and moved higher which got FA then gone for solid liquidation clearing poor low to print > 4Ib down day with spike close. Hypo E played fully from 17180 to 16950 and much more.
Pointers from auction today :
NF left FA at top and also printed neutral day.
It was outside day.
> 4IB down day..
350 pointer spike down day.
Highest volume in recent months.
All above info suggesting this was kind of climax move where buyers of first 8days of April balance who didnt get exit finally thrown a towel.So, as long as this days low zone is held we could look for some balance in spike zone of today and even reversal higher.
16845-17200 - Large spike zone..Any weakness now only if we create value below this spike low. Bias from here is to look for filling this spike zone for few sessions.
NF left another weak swing low yday from 28/03 visual ref so swing wise expected more downside.. Mentioned that swing short has opened up obj 17050/16980/16850.This entire move is done now. Now next need to create value below 16850 to look for 16650/16450/16200/16050. Till then could look for some balance/reversal holding 16850 in today's spike zone..
We have large gap upside unfilled between 17314-17488. With this gap unfilled and large spike down today, structure not suggesting further rally down..So, swing shorts now can wait and look for balance/reversal from here.
Charts,data & Hypos :
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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