NF has negated 28th sell off auction and closed with a value higher yesterday which was considered bullish. Buyers were expected to do the job further. Holding above 11780 move was expected to get 11850/11900-920 then 11950..NF had a kind of flat open and got open test drive and made 11919 high by IB time. Later gone for two way auction and second session got a move below 11820 morning low..Below 11780 expected a move to 11740/11700 and NF made a move till 11744 and rejected above that 3days balance at bottom. By close, we have got FA at low with tail and turned into neutral day with IBH scale towards 11945 and closed above dPOC.
Pointers from the auction today :
NF printed another higher value profile and 3rd day of one time frame up.
It has got FA at low with large tail which lead to neutral day closing above dPOC.
Both the above again bullish sign establishing clean control from buyers.And, they need to take it further from this neutral auction day.
NF got good volume today about 160L with neutral auction hence VWAP of this day becomes important ref going forward.
Price wise, above 11950 move is for 12015 poor high at top then 12050-12065..This could allow some balance..If sustains then probe is for 12100-12120 then 12150 possible.
If fails to sustain below 11830 and moves above 11870 means could get 11950.
Failing to sustain above 11950 and back below 11900 could test 11870-11850 and quite weak below 11830 for 11780/11750.
If 11740 gives up then straight to 11660/11560-11520.
Being a high volume day based on event and neutral auction, next session could make a decisive move.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.
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.
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