NF had outside day with incomplete auction at top in last session. Imbalance started in last session expected to get 19480/19550 holding above 19390.They got a gap up and done this move in IB then started moving down first to clear IBL then stayed down all day to close with spike at low.
Triple distribution down day with volume.Buyers failed badly to hold gap as well as swing support 19390.
Today's auction of gap and drive failure after 7days of balance suggests lack of buyers intent.Likey to remain down in coming days.Sideways to down move from here possible. One pullback max towards 19480-19500 to repair today profile structure then we could look for major move down. Negation at 19560 as of now for this view. Obj is towards 19240-19225 clearing that poor swing low 19275 to start with.
Spike down close.Spike rules for next session. 19430-19376 spike zone. Stay in/below spike zone = weakness ; accept above spike high = strength.
We had poor high at 19505 which got cleared today and left secured top with selling tail.
Levels wise for next session, failing to stay above 19460 and move below 19420 could get 19390 and weak below that for 19365/19340/19315 if sustains below 19310 then 19275/19240-19225 possible.Failing to stay below 19320 and move above 19380 could get 19410/19435 then good for 19465/19490-19515.
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 :
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