NF had a large gap down of 300 points and then got a open test drive up..This drive was from 04/08 tail zone quite mechanical swing wise..We had 17383 swing low on 23/08 which was marked as weak one..that got cleared today violently..Odds are higher today's swing low also could be cleared in coming sessions.
Large buying tail which held auction all session..Data wise not much of commitment from demand/supply. Considering the size of gap its advantage buyers such flat data..So,this tail next should defend for next session and accept above PDH to go for higher value day..Failing to do so could look for overlap session first to repair poor value area then auction in tail later.
Large gap down which remained open till close..Holding buying tail zone if we get higher move above PDH without clearing poor value area, odds are there to meet sell off post mid session from this gap zone.
Swing wise, monthly profile lower disbn rotation done now to 17250 holding that 17740 zone..Its wide range now to fill for few sessions between 17250-17500-17650 roughly..We could see a two way auction to get this done then could get a trending move..Accepting below 17250 opens up move towards 17150/17020/16950/16800.
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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