NF had a double distribution profile last session and didnt respect any levels today.It sprayed all over in two way auction to get overlap on DD profile then closed at dPOC.
Balance to skew down was bias after back to back to long liquidation and NF respecting this view.Clean two day balance now and expecting another session of overlap balance considering data today..Volume is heavy but data is neutral suggesting to get another overlap session.
As discussed in commentary, 17680-690 zone needs a retest hence any move upside first early in session got odds to fail and pullback to this zone.Any upmove better to take place after repairing this zone.
Clean 3-1-3 profile with nice two way balance and leaving tail both sides. Sustain tail = trend else back to other end of value area possible.
Levels wise, if fails to sustain above 17780 early in session looking for retest of 17690-680 and that zone should hold else 17630/17600-17590 then bounce possible. Failing to stay below 17600 could move higher to 17650/17690/17740/17780 if sustains then 17850-17860 and more bullish above that for 17910/17940-950.
Swing resistance same 17950 and any whip means max 18050. Thats zone now for reversal upside..As long as we stay below these zones expecting balance then downside move towards 17450/17325/17200/17050. Reversal if sustains 18050 could go for 18150/18300-18350/18500/18600-18650 possibily one way considering last two days volume.Negation for this view is 17800 to start with.No long bias till we accept 18050.
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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