It was short covering auction yesterday and expected further follow through as upside probe was not complete. Above 15150 probe was for 15210/15250/15290. NF had a acceptance above 15150 VAH and gone for probe till 15260 and towards close saw a spike down towards yday VAL and closed below dVAL.
Auction pointers from the day :
NF printed 7th day of one time frame up.
NF printed a neutral day failing to sustain above IBH and gone below IBL for 2IB down move.Another lower volume session today. Both this info suggesting NF could be going in for balance.Same 14950 swing support.
NF had a spike down today into close.Spike zone 15130-15060. Spike rules apply tomorrow. Sustain above 15130 = bullish ; Acceptance in spike = weak ; Acceptance below spike = quite weak.
Considering the volume and range of last few sessions, not expecting any sustained move downside and looking for probe back to 15250-15300 in a session or two. View negates below 14950.
Price wise for next session move above 15140 could probe 15175-15190 if sustains then 15235-15250 probe possible later.
Failing to sustain above 15180 and acceptance below 15120 could test 15060/15010.
Failing to sustain below 15030 and back above 15120 could get 15170/15250.
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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