Daily market summary,plan,charts and data of NF – 26Dec’22
NF printed 3rd day of one time frame down and trend day in last session.Sellers expected to hold below 17970 for balance and downside which they tried at open with low volume drive..Could not clear PDL and bounced from there..Failing to stay below 17850 expected move back to 17970/18040/18100 which NF did all day then had a profit booking close at dPOC. NF failed the trend day of last session. Also failed the intra day trend auction at close. Inside day with large buying tail.That large tail could not clear PDH and got profit booking which suggests buyers not keen to carry inventory hence this large tail could get a retest sooner in a session or two. Back to back failed trend days lead to balance. NF could go for a session or two balance below previous 4days balance range..Swing low not done yet and once this balance done looking for more downside. dPOc skew at close with advantage buyers..Being short covering profile, they need to act fast early in session accepting above 18045 to get 18090/18120 then later 18160-18175.Failing to get such early move of acceptance above 18045 could send it back to 17965-17945 then balance possible and later if sustains then could move down to 17890-880/17850 and quite weak below 17850 for 17790 and below. Swing short negation at 18175 and obj remains open at 17650. 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.