NF had a 3IB down day and closed at dVAL yesterday. Considered weak below 14225 and bullish above 14245. This view got whipped all around by NF today..It could not sustain and move higher above 14245 and then also could not deliver fall sustaining below 14225 almost for entire session..Towards close it has gone for downskew and closed below dVAL.
NF had narrow range lower volume day compared to last few sessions..View was for to have short term balance but today's auction put a dent on this view with part of acceptance above 14240-14260 band though still could not capitalise the momentum despite gap up..Last two days buyers are facing struggle at top quad and close is not favouring them. Will allow one more session for buyers to show strength and still maintaining the view that NF could carry the balancing act further.
It was nice balanced profile today..Acceptance of value area could do a chop in value area zone and rejection of value area could lead to trending move.
Its 4th day of slow skew upside by value with last 2days showing some exhaustion from buyers..Its important for buyers tomorrow to move higher above POC and sustain..Failing to do so could revert back to last 3days range.
Price wise, above 14220 could test 14245/14265 and bullish further above 14275 for 14300-14310 / 14350-14370. Any attempt below 14160 fails and accepts back above 14190 then could travel up for VAL test 14220 and then could value probe till 14245/14265.
Failure to sustain above 14265 could test back 14220/14190-14170 and weak below 14160 for 14130/14110-14100 if sustains then 14060/14030-14020 probe possible.
Charts and data:
Detailed plan with refs to carry forward, trade hypos and nuances 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.
Comments