NF had a neutral day with FA at top with higher volume day in last session. It had tail at low and failing to hold that,considering the volume, expected more imbalance down after a balanced profile. NF could not sustain in balanced profile value today at open and gone for imbalance down via trend day. Below 17550 probe was marked for 17410-17365 then failing to bounce next probe marked for 17250/17050. NF did a clean move to get all these obj and closed below dVAL.
Pointers from the day :
Clean trend day down with 3IB down move.
5th day of one time frame down.
Cleared Jan low.Mentioned that failed trending month means other end to clear monthly low and thats done today.
Volume one of highest in months.147L against 10d avg of 80L.
No secured low today for swing to confirm that low is done.
All above info and all through day failing to get demand data wise suggests that holding below 17220-17280 band more to follow downside.As mentioned in commentary, retest in day low atleast expected.
Under weekly and monthly observation, mentioned that outside week + failed trending month structure, t imbalance could continue if Friday tail zone could not defend to get 17410/17250/17050 on weekly time frame and all obj done now. Have said that 17050-16980 good support zone for the bounce. This zone held today..Now if we accept this zone with value then 16850/16720 opens up next.
Kindly refer hypos in the plan below for trades.
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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