NF had second day of lower value day with new swing low below last 3 week low and closed below dPOC in last session..Observation was that sellers in control. 15710-15720 considered resistance for next session. Above 15720 probe was for 15750-15765/15780/15820 then 15855. NF had a gap in this resistance zone and gone for open drive with volume..It has probed all upside ref till 15820+ via imbalance in first session then gone for large P profile auction to close above dPOC.
Auction recap :
After clearing 3 weeks low + 20days low NF got clean short covering day today..This has made dent on solid bearish case..V shape rally not expected to clear resistance zones straight and second zone of resistance was mentioned 15800-15820..This was met today with exhaustion as P profile. Will give another day to completely negate bearish scenario with today high zone as negation point..Staying below 15835 looking for retest down before any rally. Above 15835 we could revert back to large balance scenario again.
NF printed large buying tail today and this tail has overlapped large selling tail from previous session..This tail zone at 15765 support tomorrow..Acceptance could go filling down this back to back tail zone.
NF had dPOC skew into close with advantage to buyers..They should go for PDH+ follow through early in session via gap r drive.Failing to do so could revert down to fill tail zone.
Swing shorts context after probing 15600, negation kept at 15820 which got negated today.Will give a day pause to draw swing levels again..
For next session, 15765-15775 support zone to get 15820-15835 if sustains then 15855/15890-15910/15935-15950 probe possible.. Any move down below 15690 fails to sustain and accepts back above 15725 means could move to 15750/15775/15820-15830.
If fails to sustain above 15820 could test 15775-15765 and weak below 15765 for 15740/15710-15690 and quite weak below 15670 for 15645/15620-15610/15580/15550-15530.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
Notes :
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