NF had a spike close on Friday and below spike low zone weakness expected for 13250-13230. NF had a open below spike low but could not sustain and got open rejection reverse up from POC zone. This has sent price higher above spike high at open. Holding above spike, probe for the day was for 13365/13410 and NF made a move till 13398 and closed at dVAH.
Clues from auction today :
NF registered 6th day of one time frame up and closed at dVAH. More control from buyers.
Auction not completed at day high and left poor high.
NF had a clear extension singles during the day which gave up later in second session and tested dVAL zone. After such failure, price has probed day high again. This whip auction left a poor value area and also suggesting NF now stretching a bit and could finish the current leg started at 13020 sooner.Large tail from the day also suggesting that inventory is keen to finish things quick.
As mentioned in previous report, 13480 is the probe zone next as 13220 held and sent value higher. And, NF should get a move away quick from this poor value area and should go for higher value in first session towards this probe. Failing to do so and accepting back in today's value could repair today's poor value area. With this auction of today, not expecting sustained rally much above this 13480 zone without repairing today's poor value area.
For next session, move above PDH 13395 could get 13430/13450/13480-13510.
Failing to sustain above 13400 and back below 13380 could probe 13350/13320-13290 if sustains then 13260-13240 probe possible.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day re 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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