NF had FA + NE down + outside day on Thursday. Since buyers failed for two days to test excess, failing to sustain above 18875 and moving below POC of NE day expected liquidation to travel down in 20th profile.NF had a open drive from outside day range clearing entire 20th profile range then remained in drive range all session to close at dVAL.
Selling tail and liquidation profile closing at dVAL.
Normal day within IB range..Could get imbalance move next.
Buyers need to move in this selling tail for strength.Failing to do so and overlap/below this liquidation profile means more liquidation possible.
Levels wise for next session, move below 18690 could get 18665/18625/18600-18590 if sustains 18550/18525-18510 possible. If fails to stay below 18665 and moves above 18720 then 18750/18770-18775 possible if sutains 18805/18830 possible and bullish above 18835 for 18865-18875/18905-18915.
Weekly :
After two week of balance got clean range extension higher last week and considered 18840-18820 support for the week to balance and skew higher..Below 18820 expected 18720-18705 zone then considered bounce..If 18700 goes then reversal on weekly time frame towards 18625/18550 and more expected.NF started the week with acceptance below 18820 to get 18710 then bounced higher and after holding 18820 for two days again came down to test 18700 then closed there..
Three weeks balance now closed at dVAL of this composite leaving the excess at top remains untested..Early acceptance below 18700 in the week could test 18625-18600 and may be one bounce possible which should not clear 18835.Above 18835 back to 18920-18950 zone.That 18835 is pivot and resistance for the week..If bounce stays below this and moves down again then next obj 18525-18500 then could bounce higher.Major weakness only acceptance below 18500 as that could lead to sustained move for many weeks to come.
Monthly :
Monthly has seen good consolidation hence expected to move higher towards 19050 and above holding 18700. But they could not clear 18950 and stayed lower in balance of month and tested 18700 now..Clearing 18700 expected balance month to continue.So, back to balance view now between 18500-18900 as of now.Break of 18500 calls for reversal in monthly time frame.
Charts :
Daily
Weekly
Monthly
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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