NF had a outside day with spike down and higher volume going in to event on Friday close..Struture was weak and probe was expected for further downside from Friday low and negation was at 13780-13820 zone..NF started accepting this 13780-13820 zone pre event with volumes and negated spike of Friday..Above 13820 probe was expected for 14020 then 14370 to negate entire last week sell off..NF gone for this move via triple disbn up trend day and closed at high.
Pointers from the day :
NF negated all the selling of last week.
NF printed triple distribution up trend day profile with volume way higher than average..14150 and 14000 two good support zone now to look for sideways to upside move in coming sessions for 14520/14660.
NF had a emotional run with large extn singles + 6IB day + rotation factor higher at 16 and dPOC still down..To avoid repairing extn singles, NF should go for higher value overlap profile in next session.
Today's auction has started via triple disbn from lowest range of swing hence may not have straight rally and could go for some large balance in coming sessions.
Price wise for next session, any dip after this 6IB move day should hold around 14250 to get 14300/14365 and bullish above 14365 for 14410 and quite bullish above 14430 for 14480/14520-14550. Further acceptance could take this to 14620/14660.
Failing to sustain above 14300 could test 14250 if sustains then could move to 14180/14150 and quite weak below 14130 for 14065/14020.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.
Notes :
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