NF closed with dPOC skew of composite at dVAH yesterday and expectation was that buyers had edge to push this up by drive or gap to move away from composite in making. NF had a gap up today around 13640 and above 13650 probe was for 13690-13710. After a quite tight range and neutral auction, NF managed to probe this band and closed as neutral extreme day.
NF has moved away from 5day balance via gap up and held the gap to print higher value day. Need a higher value/higher value overlap day by buyers tomorrow. As we have moved away from balance,need to hold balance and should go for slighter imbalance and not a balance again. If fails to do so on upside, then probe is back into last 5days balance zone.
NF had a FA at low and printed neutral extreme up day. Important for this FA to hold 13650-13670 band if this FA had commitment and should seek higher.
Narrow range and below average volume day suggests lack of conviction on extension away from balance. And, especially the extension from 13670 had quite a sluggish auction. Buyers need to get a nice follow through to ignore this day's low conviction auction. Away from this profile upside opens up 13850 as next probe zone with negation at 13650.
Tomorrow, holding 13650-13670, NF could scale to 13720/13750 and quite bullish above 13760 for 13790-13820/13850.
Weak below 13670 for 13640/13620-13595/13560 and quite weak below 13550 for 13510-13490/13460-13440.
Structure and auction today suggesting wide range auction possibility tomorrow.
Charts and data :
Detailed plan with refs to carry forward, trade hypos and nuances from the day are available to members.
Notes :
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