Auction was not complete by close yesterday and buyers were seeking for follow through upside..NF gone with large gap up which could not sustain and had a open drive down.Drive failed to sustain inside prev day range and failed. NF then had two way auction all day..12640 was the level to look for more bullish auction today which failed to accept and pushed price back to dVAL and later got accepted to print a small spike towards close at day high.
Clues from today's auction :
NF has registered 7th day of one time frame up.
NF has some poor structure of auction today again. Open drive rejected right PDH- mechanical + that second half auction in JK period left poor value area + and rally to new day high started from dVAL as imbalance (rally from POC/VAH via imbalance usually good for good follow through). To avoid repair of poor value area, buyers need to move away quicker in next session upside holding above 12620-12630 zone..
Price wise, Holding above 12620-12630 probe is for 12670/12690-12710 if sustains then 12750/12790-12830 possible.
Failing to sustain above 12670 could test 12630-12620 and weak below 12620 for 12590-12580/12540-12520 and quite weak below 12520 for 12480/12450.
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.
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