NF had a trend day down closing at low in last session..Sellers expected to hold 19310 for follow through down below PDL else wild two way balance expected which NF got in first session..Then they gone for imbalance below PDL which lead to liquidation.Probe marked for 19210/19165/19125/19050 below PDL and NF got a move till 19070 then closed at dVAL.
Triple distribution down liquidation day with heavy volume.
3IB down day.
Cleared 3months low.
19190-19210 ref next session for sellers to hold and push down to accept in lower disbn of the day then get for more downside below 19080 towards 19050/19015 and lower..Not able to stay below lower disbn/PDL and accepting above 19140 could bounce to test 19190-19210 zone and no rejection means 19250 then rejection possible..If accepts there then more upside towards 19290-19310 and above.
Swing wise expected monthly to have second disbn down towards 19050/18950. NF almost moved towards 19050 today and swing low not done yet as discussed in commentary.Swing resistance now moves to 19380-19410 band..19050 to 18950 anywhere we could get bounce in coming sessions as we have got back to back > 3IB days..And today is more of liquidation than solid supply data wise, as clearing visual refs lead to such liquidation. Once bounce done and accepting swing low later could get 18720-18660/18400/18250. Such large move possible because what we have now on weekly/monthly downside is all of balance so odds of more imbalance downside possible after relief rally / balance days..19410 negates the swing downside view which could give chop/sideways moves..And reversal any upside only above 19530 as of now..
Charts and data :
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