NF left 3-1-3 profile in last session..Buyers failing to sustain above 17150 band expected to fall back in value area below 17100 probe was expected for 17010 then 16935. NF in open session failed to sustain above 17150 and dropped into value area of 3-1-3 and straight gone to probe till 16950 then bounced and did two way auction all session to close above dPOC.
6th day of one time frame down and bounces not holding..Supply still in control.
Day low is weak due to double print tail and poor auctioned low..Not a swing low yet..Likely to be cleared soon for more downside.
Though not perfect but another 3-1-3 profile..So, buyers again need to sustain value area high and accept in tail zone higher to get move higher..Else, another overlap to skew down session possible to repair poor value area..Below 16965 next round of liquidation.
Swing short marginally missed 16935 obj and made a move till 16946.. As said above, its not over downside and same 16935/16865/16820 if sustains then 16650 remains open. Negation at 17260 now for this view.
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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