NF had a double distribution trend day down and outside day in last session. Sellers had advantage at close..They expected to get a drive for follow through.Failing to get that expected mean reversion back higher. NF had open test drive which defended PDL zone and attempt to mean revert failed badly and resumed downside below PDL..Below 18220 probe was for 18150/18100 and NF gone for this after morning noise then closed at dPOC.
Clean long liquidation day and it has happened after high volume 4days composite and closed below dPOC. Not a good sign for buyers and likely to continue down further as discussed in commentary.
Sellers need a gap/drive below this b profile..Just a swipe around PDL and bounce means overlap session possible.Accptance above value, reversal possible in tail zone.
Levels wise, need to stay below 18165 to get drive or gap down to get 18090-18080/18050-18035/17990. Buyers need to defend PDL zone and accept above 18180 for a move towards 18220/18275/18310-18320 and solid reversal only above 18325.
Swing short from 18500 met next obj 18150. Next obj 18050 remains open. Negation now moves to 18325. And after today's b profile, if we clear that and gets lower value then swing opens up for 17930/17850/17650 with same negation 18325.
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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