NF had a lower value day below outside day suggesting weakness in last session..And also got 3-1-3 profile.. Failing to sustain value area expected probe back of value area.. NF opened and moved to VAH zone and failed to sustain then gone down via open test drive down to VAL zone and negating FA at low which pushed for PDL swipe..Failed to sustain below PDL and turned into long liquidation profile all day..Towards close moved higher to tail zone and rejected again to move back to dVAL zone.
17390-17420 kept as resistance for next session. Failing to scale this expected to drop to 17350 and below that 17310-17290/17265/17230 expected..This has happened via IB imbalance in that open test drive down. If fails to sustain below 17265 and accepts above 17320 probe was for 17360/17390. This got whipped first time and next time in closing hours moved till 17355 then failed.
Pointers from the day :
3rd day of one time frame down..Second day of lower value below outside day. Weakness continues.
Another long liquidation day.b shaped profile. Below 17175 we have no major support till 17110/17050 so more liquidation to continue.
FA at low negated today and that solid FA at top from yday had control all day by getting PDL probe. Above 17360 that FA at top could be challenged.
Though buyers are losing all supports one by one like 17410 FA then 17310 Gap and today the 17265 FA, intraday auction of last 2days still suggesting this market wants to mean revert and balance than directional move. As mentioned in commentary, today's intra hard spikes also confirming same view..We have event risk overnight..If that doesnt push this below 17200 and create value lower there are good odds for NF to mean revert higher..
17320 and then 17360 good res zones tomorrow..Solid upmoves possible only if we start accepting this zone. Above 17340 could get 17375/17410 if sustains then 17440-17460/17490 possible..Above 17490 could move to 17530/17560-17580.If fails to stay below 17200 then could bounce to 17280 and acceptance there could get 17310/17335.
Failing to scale 17280 could drop to 17220 and weak below that for 17190-17175 and quite weak below 17165 for 17120/17095/17055-17030/16995-16950.
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.
Comments