NF had a 6IB double distribution trend day in last session. With volume pulling dPOC down and price closing at dPOC, observation was that sellers had advantage into close and they could get further follow through down.
15770-15795 considered as resistance and below 15710 considered weak for 15625 which NF got via solid drive down in IB period rejecting from 15770..And below 15610 considered quite weak for 15550-15530 which NF continued the drive and probed. Then, had a all day bounce to end up with balanced profile closing at dVAH.
Pointers from the day :
NF printed 3-1-3 profile today i.e, balance between two large tails at both ends..It got poor value area too with some anomalies in profile. Sustaining tail = trend ; failing to sustain tail = mean reversion to repair poor value area left today.
After 6IB down day with good volume now got wide range day with another good volume.Odds are less for NF to get V shape reversal and considering structure bias is for sideways to downside skew from here.15820 negation for the view.
15820 extn handle mentioned yday as good swing ref.This exn handle further pushing NF below 15650 expected large move down further which happened today..Today we have got POC in this 15650 zone..More we accept there from here onwards higher the odds for deep move down towards 15350/15200 next in coming sessions. Above 15820 we could look for new ATH move with 15700 negation.
It was two way imbalance day today after 6IB down imbalance day yesterday..If we dont see any acceptance in either side of the tail zone tmw, we could look for balanced session.
For next session, 15730-15745 resistance zone..Acceptance above 15745 could test 15770/15795-15810 and quite bullish above 15820 for 15845/15870-15890 if sustains then 15935-15950 probe possible.
Failing to sustain/scale above 15730-15745 zone could drop to 15700/15670 and weak below 15670 for 15645/15625-15610/15570/15545-15535.Quite weak below 15520 for 15490-15480/15450-15435 if sustains then 15365-15350/15310 probe possible.
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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