NF had a normal day yesterday suggesting pause in trend and yet to continue further. It has left weak high alsoa t prev ATH zone. NF had a open today around PDH zone but gone down quick to probe almost entire value area of previous session and drive failed to bounce higher above weak high zone to rally further to print 14900 and closed below dPOC.
Clues from auction today :
NF has printed 3rd day of one time frame up.
Weak high at 14765 was expected to be cleared and it was done and becomes extension handle on daily..Major support now.
Was expecting signs for balance and NF has given clear indication today. Entire auction and profile structure of failed trend day + poor value area + mechanical support all over in second session today suggesting buyers have ran emotional today as well as easing off and balance could emerge. Based on today's auction, expecting outcome as below for next 2 sessions
a) Break of 14780-14760 zone with volume leading to quick pullback towards 14650/14550 zone then go for balance.
or
b) Just a test around 14760-14780 zone and bounce to go for tight balance for a session or two to make a composite and then pullback to 14550 zone.
Above view negates if we move above 14975 as that could stretch the ongoing trend further.
Price wise for next session, holding above 14780-14800 could test 14840/14875-14895/14930 bullish above for 14975/15030.
Failing to sustain above 14840 could fall back to 14800-14780 and weak below for 14780/14750/14710-14680.
Failing to sustain below 14780 and above 14910 could lead to a two way auction repairing poor value area zone all session.
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.
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