NF had a solid long liquidation double distribution down day in last session. Skew down further again was bias with bounce any to 23220/23285 expected to short..Move below 23065 marked for a move till 22920/22885 which they got via drive down in IB itself to get 22900 then bounced all day to test res zone marked at 23220 which left tail top and moved it down below PDL at close then closed at dPOC.
Failed auction at low. Today low looks good for ST as panic bottom and this should hold atleast for couple of days so that we could look for sm balance then may be bounce..If this low goes means more liquidation.
Neutral center day.
4th day of one time frame down.
Immediate expectation after today auction is to look for filling today profile via two way balance next. Roughly the range is 23165-23075-22995-22930. And first order of business is to holding below 23165 look for skew down then may be bounce.This observation is based on skewed upper disbn with flat inventory rise on lower value day hence repair down first priority for next session.
Swing with 23325-23365 res expected move towards 23010/22960/22890 which is done today. Swing res now moves to 23240 to look for 23060/22965-22920 again.Once clears 22900 well, negation moves to 23165.
Check plan for trade hypos.
Charts and data :
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