NF printed a large outside day clearing last 4days low and closed with spike down in last session. Observation was that they need to hold 18080 else we could repair all those poor structure to start with 17980-950 then till 17750. NF right at open started with a move below spike zone/18080 and gone for repair till 17910 today and closed at dPOC. Considered weak below 18110 for 17985 then below 17980 for 17905-17885. First one got done in IB time then whipped below 17980 for a bounce which got sold off again to complete the probe till 17910 later.
Pointers from the day :
After confirming ST excess tail at top yday, NF gone for clean lower value day today.No sign of demand today and more liquidation to follow if not straight then after a session or two balance.
Accepted below spike zone and below last 5days balance with lower value.
It was trend day in first session then turned into long liquidation profile in second session leaving anomalies in profile with poor value area.Likely to be repaired.
Low of the day is poor as well as weak at last week low. As double distribution profile of last week now probed fully till low of week, this weak low is a concern for any rally from here..This low likely to be cleared considering ST excess at top.Auction is incomplete swing wise at low.
Poor structured move started from 17710 kind till 18120 then we had gap and ran up till 18350. Now,NF started correcting this poor structure and half job done till 17910. As long as no acceptance above spike zone of yday/ last 5days balance zone, looking for repair of remaining poor structure too.
For next session,17990 resistance and above this could get 18020/18040 if sustains then 18075-18090 possible. Above 18105 could probe 18135/18165/18200-18210.Quite bullish above 18220 for 18250/18275-18295.
If fails to sustain above 18010 and moves below 17960 then could get 17925/17900-17885. If fails to sustain above 18080 and moves below 18040 then probe is for 18010-17990/17960/17925/17900-17885. Open if drives below 17905 then 17865/17850-17835 and quite weak below that for 17790/17760/17730-17710.
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.
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