NF had a neutral center day at range extreme with secured high but weak FA at low, due to same low at many times printed swing low zone of 17540 on Thursday..Observation was to look for downside with this neutral day auction. Bias for sellers was to hold 17650 by sellers to push below 17570 to get more liquidation. NF did this with open test drive down on Friday and gone to get clean down day then closed at low.
It was classic trend day down closing at low with dpoc skew down at close..Classic due to the way auction held with down rotation without much of pullback giving buyers exit and maintained all day one time frame down then cleared major swing old ref as well as Sep low then closed at low.
Large selling tail post neutral day. Neutral days at extreme tend to start fresh auction hence this tail now becomes important swing ref as it has started downside fresh auction now.
4th day of one time frame down leaving extn singles on monthly profile clearing FA at low from last session. Likely to get more downside for next session as mentioned in closing commentary.
Swing wise 17720-17760 mentioned solid res zone to get 17540/17440/17330/17250. This travel is almost done with 17290 and now staying below 17500 this large selling tail of trend day, looking for swing to continue clearing 17250/17180 then later 17050.
Larger view :
Weekly :
NF weekly held that wide POC of 17920 and cleared major swing support 17520 to get almost 17250 marked for the week for downside probe. Its now 7 weeks of ovelap balance on weekly at large multimonth extreme which resolved down to close below dVAL of this 7 weeks balance..Bearsih..
We had many days higher volume participation in this large balance and resolved down now means once break down happening any rally could see pressure from stuck buyers to make exit and less chance for V shape rally upside.Looking for fast moves downside from here onwards on weekly time frame.Staying below 17500 looking for 17150/17050/16850. Acceptance below 16850 could get 16650/16500.
Zones to look for bounce or 17150 or 17050 to get back to 17300/17450 then again see rotation down..Anything above 17500 stops large move down bias which could push NF back to 17650 which is again solid res to clear straight..If accepts there then easy move back to 17840/17950 possible.
Monthly :
Sep monthly profile now made clean extn singles towards close of the month here at 17450. Hence 17450-17500 becomes solid res till close of the month to look for close at lower end of month..Probe is towards Aug month low 17150 zone then get 17050 and bounce else 16850 and below possible..Above 17500 back to dev value area of Sep for 17650/17840.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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