NF after a neutral day from 21/10, got a clean gap up on 25/10..Could not sustain the gap and gone for liquidation all day to close at low.
NF now have left two back to back quite poor value area profiles..Buyers need to accept above selling tail of last session else overlap to repair poor value area possible. Below this b profile, good liquidation possible.
Once accepted into selling tail /PDH then value area of this b profile becomes good support and auction should never visit back there.
Last three session auction suggesting upside risk is adding up. 20th mechanical push day with 17440 support, then 21st neutral day with poor value area and anomalies in profile but gone for gap up next session, 25th now gap up and long liquidation profile.Long side structure getting weaker with these profiles and auction.Need a repair back to 17560/17440 and till then risk is with long side.
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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