NF left a weak high at PDH and printed 3-1-3 profile on Tuesday. Sustaining value area was expected to be trend else probe back in value area was expected. NF had clean acceptance above value area in first session but could not trend upside and gone for a liquidation down move via double distribution down auction to probe back value area and then much lower.
Considered bullish above 17965 for 17990/18020-18045 which NF probed at open session till 18020. Failing to sustain above 17965 and back below 17910 probe was marked for 17875/17835 then 17780/17750 below 17810 considererd. NF gone for this move till 17770 Via 3IB down day.
Pointers from auction : ( all observations and hypos to be applied on 08Nov-Mon session as I do not consider Muhurat special session as proper session to monitor auction and carry ref )
It was 3IB double distribution day. Long liquidation auction.
dPOC skew into close and sellers advantage..They need to hold below 17900-17920 zone and look for extension down below 17810 else short squeeze possible to test upper distribution of the day.
After 01st Nov auction, mentioned 17750 good swing support. Today NF almost came down there for a test.. Same ref as swing support and as long as that holds that view of large balance intact with upper end as of now 18020..If 18020 gets cleared then range could get widen,Below 17750 odds are higher for imbalance down move towards 17450/17300-17200 zone.
It was long liquidation profile with dPOC skew so its sellers job next to sustain down next.
For Monday session, 17900-17920 resistance. Above this band could get 17950/17980/18020-18045.Quite bullish above 18050 for 18080/18110/18150 if sustains then 18210/18240 possible.
Failing to scale/sustain this and back below 17900 could probe 17850/17820-17810 and weak below 17810 for 17780/17750/17720.Quite weak below 17700 for 17660/17600.
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.
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