NF had a narrow range lower volume session close at dVAH with buyers in control..They further expected to get initiative move higher..NF instead got a gap down below PDL which lead to small liquidation move in A period but then could not sustain further. Gone for extended balance and then later got short squeeze to clear PDH and then closed at dVAH.
NF stopped 5days of one time frame up but resulted in outside day.
It was reverse b profile i.e. all day balance then leaving out of balance higher quite late in the day which failed to sustain and giving up extension handle..Its sign of weak inventory clearance i.e, shorts and no committed inventory at close on buyers side.
Both the info of outside day and reverse b profile suggesting signs of balance. It was lower value day..So, if buyers commited then should hold 16160 and grind higher in next session to scale higher above 16250..Below 16160 could test 16120-16100 and sustaining below could lead to liquidation.
Weekly swing support 16100 today held by buyers. Next test there could test below 16050 FA zone to check buyers strength if creates value there then could move to 15950.Bias as of now for next 2 sessions not much of imbalance but likely to make balance with two way auction.
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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