After having back to back 4IB days up and down immediate reaction expected was some cool off and balance..Two way auction expected in the range of 14500-14625 and NF almost traded in this range today with slight shot up upside above 14625..Though expectation personally was for all day two way auction balanced day, NF gone with morning imbalance down then later imbalance up and held at higher quad in entire second session.
Below 14565 expected probe was for 14525-14510 which was done during morning down move..And, buyers if committed expected to save tail below 14525 which they responded and sent price back up. Failure to sustain below 14525-14510 was expected to bounce back to 14600-14625 which happened all day post morning down move.
Auction pointers from the day :
NF after 7days of one time frame up printed a inside day..One time frame up on daily still on and yet to be stopped.
NF left a poor value area due to mechanical auction around 14590 and need a repair in 14630-14565 zone. Buyers better to repair this if they want to rally much higher.
NF had a dPOC shift to upper quad by close and skew with buyers hence they need to push higher earlier in the session above value area, to get secured high above 14660..Once done they should not enter back to value area. Failing to sustain value area and acceptance could go for entire value area probe.
Large buying tail of yesterday held today on test and affirms its strength and will remain good support zone as of now.
Price wise, 14600-14610 support for open to get a move to 14640 if sustains then 14670/14700/14730 probe possible.
Failing to sustain above 14640 could drop to 14610-14600 and weak below for 14565-14550 if sustains then could go for 14525/14490 and quite weak below 14490 for 14450/14400.
Charts and data :
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Notes :
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