NF despite open above PDH got dragged down from previous session selling zone on 24th then closed at dPOC with skew down.Observation was that data wise good set of selling happened and advantage sellers at close. Staying below 18150 probe was marked for 18025 then 17940. NF started day with slow open drive then accelerated more to get well below 17940 and tested prev swing low zone to mark low at 17845 then closed at dPOC.
Clean long liquidation profile. Volume and auction was clearly with sellers all day and they again closed with dPOC skew down and closed there. Advantage sellers.
Large selling tail at top. If accepts above 18060 then possible to have few sessions filling this tail zone before next move by probing 18100-18120/18160-18180/18220 if sustains 18260/18295/18330-18340.
Not able to accept above 18040-18060 band could fall back 17990/17960-17940 to test buying tail at low and if that accepts more liquidation below this profile towards 17900/17850/17820-17800/17750.
Low is again weak around many times tested previous swing low zone so its quite important to hold buying tail of last session by buyers else good liquidation possible.Auction incomplete at low imo.
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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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