NF printed dd down day in last session..Sellers expected to get gap or drive holding below 17560 to get further move down which happened quick right at open. Acceptance above 17590 was for 17650/17700 which later happened after morning drive down then closed above dPOC.
Short covering profile after a liquidation from 18100. It has left weak/poor swing low on Friday which got cleared now and got large buying tail..This tail managed to create value above extn handle of last session..Sign of balance for a session or two holding this tail now.
4th day of one time frame down.
Data at close was not suggesting advantage to anyone..Buyers job next is to defend this tail above 17540 to look higher towards 17700/17740/17800. Once moved higher above 17700 next session, all day should sustain higher else liquidation possible back in value area. Sellers job is to sustain below 17680 and get 17570/17540 test and sustain below that.
Swing short staying below 18100 was marked for 17750/17600/17450. All three done now. Negation same 17920 still..As mentioned under weekly view, either price has to move back to 17920 early in this week else we could have sideways to down auction to bring down that POC..So, as long as NF stays below 17920 looking for sideways to downside auction to continue and acceptance in today's tail increases odds to get 17440 /17330/17250.
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.
Comments