NF printed Long liquidation profile closing at dVAH on expiry day.Buyers failing to stay above 19895 next session expected to move back to repair poor low 19838 and below. NF gone for this move in IB itself and then all day remained as balanced profile to close at dPOC.
Normal day auction within IB range with value lower closing at dPOC = weakness.
3-1-3 profile with tail at both ends and well balanced auction inside tail zones..Sustain value area = trend next session else move back to other end of value area and look for trend that side.
Swing auction holding 19930 marked for skew down towards 19830-19815 and stays down below that means more downside towards 19765 and below.NF following same path as of now by clearing 19815 earlier buyers zone which is not responding with any buyers activity in last session.So, expecting further down towards 19765/19715/19670/19620. Once moves above 19930 squeeze possible towards 19980/20030 for which negation is 19870 once started moving above 19930.
Levels wise for next session, move above 19875 could get 19910/19935/19965 if sustains 19990/20020-20030 possible.Not able to stay below 19790 and move above 19835 could get 19860-19875 then rest of above obj till 19965 probe possible. Failing to stay above 19870 could drop drop to 19840/19810 and weak below that for 19785/19760/19735/19715 and quite weak below 19710 for 19675/19645-19635.
Weekly :
Last week NF had double distribution week with gap as extension and skewed upper disbn with value in upper disbn.Mentioned that one of rare structure i.e, large gap extn on DD profile with value in entire upper distribution to look for any rally.So, as long as no acceptance above last week high, was looking for balance to sideways auction to test gap zone.NF didnt come down to test gap zone but remained as balanced inside week inside last week upper disbn range. Expected 19740/19670 staying below 19930. They moved till 19715 then remained in tight range for entire week then closed below POC of the balanced week = weakness.
Same view as last week i.e, staying below 19910-19930 looking for 19765/19715/19670/19610-19590 then bounce.Acceptance below 19590 could get 19540-19520 then bounce possible. Major weakness any on weekly structure is only below 19500 which could get 19420/19330/19220. Not able to stay below 19750 and moving above 19825 could get 19875/19930 if sustains 19990/20050 possible.
Monthly :
After last week auction, bias was to look for second disbn on monthly.Kind of 19500-19670-19930 fill bias for remaining month was expected.NF doing the same with tight range with lower end as of now at 19700. More bullish above 19930 for another good extension towards 20050.Till that happens, looking for same balance auction in zone 19500-19670-19930 for coming week to complete the month.
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
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