After having large liquidation 3IB down triple disbn profile, NF had large tail at low in last session. Buyers expected to hold that else another liquidation move expected. NF via open drive negated that tail at morning to get another liquidation move.
Considered weak below 17335 for 17300/17265-17250 which happened via that open drive down. Then that drive failed in IB itself to accept into yday lower distribution. Failing to stay below 17400 and back above 17450 expected a move towards 17480/17525 which happened via all day whip moves then closed below dPOC.
Pointers from the day :
5th day of one time frame down.
Clean short covering P profile. This suggests kind of relief bounce post 3IB down day of stretched inventory. All day mechnical support in today's auction which met with some heavy exhaustion around 17540 and could not close above dPOC. Buyers need early follow through via open drive/gap to move away from this short covering P profile.
Failing to do so or failing to sustain above this profile could fall back to repair poor value area left today. If that happens then likely to get balance in coming sessions.Roughly expecting 17650-17300 range for balance.
Weekly profile early signs of long liquidation structure so any rise from here could see a sell off swing wise.
17480-17465 support for next session. Failing to stay below this and accepting 17520 could move to 17545-17560 if sustains then 17590-17610/17640-17660 probe possible. Further bullish above 17660 for 17700-17720.
If fails to sustain below 17400 and accepts above 17440 then could get 17480/17510/17545.
Failing to stay above 17540 and back below 17500 could probe 17465 and weak below 17465 for 17435/17400 and further weak below 17385 for 17355-17340/17300 if sustains then 17240/17190-17170 probe possible.
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