NF printed neutral extreme up day in last session and as long as staying above 14880 expected to look for move higher..Breaking of 14880 was considered first sign of weakness and break of 14810 was considered solid sign for weakness.. Probe was 14650 below 14810 and as per larger picture expected retest of lower end of balance 14500 zone below 14800. NF failed to hold 14880 right at open and started falling below 14810 via open drive which probed till 14490 via imbalance.Then bounced back again via imbalance up to test large extn singles of morning auction and closed around dPOC.
Auction recap from the day :
Clean long liquidation day with large tail > extn singles > lower value clearing last week low.
Wider range and higher than average volume today.
Pulled down dPOC into close and left poor value area.
All above info suggests we could go for a overlap session tomorrow to repair poor value area left today and retest of today’s lower quad possible again.
Clean extn handle and extn singles in today’s auction.Reversal now is above 14840 swing wise first confirmation and second confirmation above 14900..Till then bias is for sideways to downside probe as mentioned above.
As mentioned in larger picture for swing view, NF now has again dropped to lower end of large balance and held that zone of 14500..Next time breaking that with volume and clean extension could go for 14150/14000 minimum. Without doing so, if we start accepting above 14900 with value then balance to continue for few more sessions. Rarely we could get a rally upside one way after such a large liquidation move.
Price wise, 14660-14680 support tomorrow and holding this could test 14760 if sustains then test of 14800/14840 possible and quite bullish above 14850 for 14890/14935 if sustains then 14975/15030/15075 probe could happen.
Failing to sustain below 14550 and acceptance above 14610 could get 14650/14690/14740.
Failing to sustain above 14800 could drop to 14740 and below 14740 could get 14690-14670.
Weak below 14660 to get 14610-14580/14550-14520 and quite weak below 14510 for 14480/14440-14420/14360/14320-14290.
Important nuance : If we get open auction at open tomorrow, then could be a wild choppy two way auction all through the day.
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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