NF printed inside day with dPOC skew higher into close with buyers having edge..Observation was that buyers had to act early in the session holding 14790 to scale 14835 and probe 14875/14920 and considered further bullish above 14950. NF had a flat open and had a open test drive up with 14810 low to probe till 14960 in IB zone and failed to sustain above 14950..Turned into long liquidation day then and started accepting inside range as well as value..
Failing to sutain above 14830 was expected to probe 14790/14760 and below to repair poor value area of yesterday. NF could made a move only till 14780 and gone for heavy two way chop..And,multiple attempt from sellers to sustain below POC zone failed which lead to spike up to close at day high.
Auction pointers from the day :
NF had many attempts today to sustain below POC to repair poor value area of yesterday but intra day sellers could not get through it and this has lead to stealth auction into close with spike.Stealth auction is poor form to start a rally as its mainly to clear weak shorts and it has happened without repairing poor value area too.
Due to this stealth auction,will allow some time in first session tomorrow to check follow through before joining on long side.As of now risk on long side is higher unless this stealth auction gets value higher.
NF had a spike as well as many intra gaps since 14920 till 14990..Best way for buyers to get carry on further is with gap or drive holding above 14980 at open so that all the repair of spike and gaps could be done later..If no gap or drive then in first session tomorrow, NF could go for two way auction to repair this zone of 14920-14960-14990 roughly which is spike zone.
As per spike rules,value in this zone is bullish for move further higher later in the day. Open and acceptance above this spike zone is quite bullish..Accepting below spike zone is weakness which could easily undo last two days auction.
NF negated high of Friday sell off day high with spike.Swing wise 14920 and then if we create value above 14920 then next probe is for 15150 was the observation..NF failed to create value above 14920 all day today but closed higher with spike above this ref..If able to create value in spike zone or accepts above spike zone then this swing obj towards 15150 and then 15250-15300 are next on auction.Negation for this swing view now moves to 14875 from 14720.
Price wise for next session,staying above 14980 could move towards 15020-15030 if sustains then bullish for 15075/15150 later..Above 15165 could get 15190/15240.
Failing to scale/sustain above 15000 could do a two way auction by creating value in spike zone and also could clear intra gaps it has left. Roughly 15000-14960-14920 is the zone to look for this auction..
14920-14885 could be whip zone and clear weakness if we scale below 14875 which could probe 14820/14780/14740-14720 if sustains then 14680-14660 probe possible.
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 :
a) Check glossary page in website if any of the terms used in the post are not clear.
b) If images are not clear, click on them for enlarged view.
Comments