NF has printed outside day by probing both PDL and PDH and closed below dPOC on Friday.. Close suggested exhaustion at high and to negate that view, 13790 was kept as ref to be taken out. We had OAIR and got extn higher but failed to scale 13790 and left secured high and gone for IBL slowly. Later confirmed that tail top as FA with IBL break..NF got a solid liquidation move post IBL break..Considered quite weak below 13670 for 13560 and NF made a much larger move till 13150 clearing last 12 days move via neutral extreme down profile.
Pointers from auction today :
NF stopped one time frame up on weekly time frame after 7 weeks.
NF left FA at top and got 7IB down move via neutral extreme profile. Volume and range was on higher side than average.. And also printed large extension singles. .All this info suggests for immediate auction of all day balance or follow through down in next session..V shape reversal got lesser odds as long as staying below 13550.
13400-13200 could witness some large two way swing for some time if we open inside this range.
Accepting above 13440 could fill extn single till 13500/13550. Quite bullish above 13550 for 13590/13650/13690/13740.
Accepting below 13190 could get 13120/13070/13020/12975-950.
Odds are higher for some fast two way swing moves tomorrow especially in first session.
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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