NF had double distribution trend day up in last session.Due to late extension for second distribution,observation was that buyers have to get higher value to justify the late extension else rotation down. NF opened higher above PDH zone and established higher value in first session. Above 16645 probe was for 16690/16715 which NF completed till 16713 in first session and then gone for IBL break to turn into neutral day. All day then remained as balance and closed below dVAL.
Pointers from the day :
NF printed 3rd day of one time frame up.
NF created new ATH today but could not sustain and met with failed auction at top.Clear sign of swift rejection at top with the way this FA got printed. This FA was able to push down NF to clear IBL i.e, morning low to get a neutral day. It was day of auction with equal fight between buyers and sellers..Sustaining value of this day could lead to imbalance ; acceptance back in value could lead to more chop between buyers and sellers as NF left poor value area which could be repaired then.
This FA at top is now probable excess and if they able to accept below today value with lower value then this excess could get confirmed.
Swing wise suggested to enter long around 16645 which got triggered today. Could not tag first obj marked at 16720. Same obj 16720/16760/16790 for this long and negation at 16580 now. Swing shorts below 16550 with 16640 negation for 16450/16335.
For next session, above 16685 could probe 16720/16745-16765/16790. If fails to stay below 16600 and accepts back above 16650 then could get 16675-16685/16720/16745-16765.
If fails to sustain above 16680 and back below 16640 could probe 16610-16590 and quite weak below 16570 for 16535/16510-16490/16465.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
Notes :
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