NF had a dPOC skew on expiry session and buyers to survive,expected to gap/drive higher then sustain higher else below POC expected another overlap session..NF got drive up at open but could not sustain then gone for narrow range lower volume session and closed at dPOC.
NF left failed auction at top and printed neutral day.
4th day of one time frame up and all 4 days left poor value area..Poor structure of auction continuing.
FA at top could not close lower and closed at dPOC with dPOC skew higher..Buyers to survive further again need gap/drive and once got that need to sustain higher away from this profile..Else, same expectation of repair of poor value area.
Below buying tail of this profile,liquidation.
Swing view same as mentioned in last report. Buyers need solid move above 17900 and then stay higher to ensure all this poor structure till 17600-650 could be repaired later.Staying neutral on swing.
Larger view :
Weekly :
NF left double distribution week with thick disbn higher and thin distribution lower with gap as extension in between during last week auction. Buyers if wants to move away from such thick disbn at top, expected to get drive/gap in the week to get 17800/17900 probe. In truncated week, NF gone for this probe.
Odd structure profile for the week with wide POC lower at 17700 and closing at dVAH of week.17800 pivot to sustain and move higher earlier in the week and once done should not come back to range of the week..If they are able to get this, then probe is towards 18050-18100 and this is tough zone to clear straight and expecting to rotate down back to test 17900/17800 if goes probe of 17600 then bounce possible..Bounce if not sustaining means 17500 is magnet..
If sustains 18100 with daily value then probe is towards 18250-18300 which is next solid res zone to rotate down.
Monthly :
October NF 17450 and 17650 marked as ref for monthly profile to get balance and whichever side accepts expected to travel that side..Upside for 17800-17900 marked which is done now..Above 17900 could move to 18100 then could take pause around Sep high zone.If sustains there then 18300 next probe then could visit back to 17900.
Failing to sustain above 17900 could drop to 17700-17600/17500. Solid zone they marked as support now for monthly at 17450..As long as this holds, sideways to upside on monthly.Below that large correction could set in towards 17200/17050/16900.
Charts :
Daily
Weekly
Monthly
Data :
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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