NF declining trend day in yday session left a poor value area.Observation was that, if we open inside range today, expected a value area repair before next move.And, 13090-13110 zone was marked as immediate support for the session. NF had a inside range open and had OAIR session in first half. Hoding 13090-13110 probe probe was for 13110-13170 zone..NF roughly spent a fist session in this range.
We had a poor high in yday session. Poor high = marked by locals due to exhaustion. When such poor high is not able to get exit and support zone goes means, liquidation from stuck buyers is the first order of auction after poor high and then later price could visit poor high zone to get a secured high.This is the auction NF followed today.Below 13090 probe was expected for 13040-13030 zone.NF got that liquidation move when 13090 taken out to probe till 13020.
13020 - 13060 was marked as good swing support and expected demand in this zone..NF could not sustain below 13020 and had a good bounce from there and cleared poor high left yesterday at 13168 and closed at dVAH.
Pointers from the day :
NF left a neutral profile by clearing IBL > failed > IBH cleared.
13020 held now and with neutral auction of today from there, NF confirming new base around 13K zone for new balance to bullish auction to emerge as mentioned yesterday. Negation for this view is now at 12950.
Nice 3days balance emerging and could expect a 13050-13150 auction roughly in next session as long as we dont get value beyond these zones.
NF closed at dVAH so its buyers job now to defend 13110-13090 again and get follow through higher.
For next session, above 13175 bullish for 13195-13220 and quite bullish above 13240 for 13290/13350.
Failing to sustain above 13175 could test 13120/13090 if sustains then 13070-13060 probe possible..
Failing to sustain below 13070 and back above 13110 could test 13140-13160.
Quite weak below 13020 for 12975-12950.
If we get another OAIR then odds are higher for another two way auction day.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.
Notes :
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