NF had a clean lower value day in previous session and holding above 14340 expected a move towards 14510 and above 14520 expected further move towards 14550/14580. NF had clean gap up around 14510 and could not sustain the gap up and gone for open rejection reverse down..Below 14340 probe was for 14250 and NF gone for this once entered into prev clean balanced profile and closed below dVAL.
Pointers from auction :
It was clean trend down day with 4IB move..All day sellers had clean control.Staying below 14350-14380 they could seek for more downside.
Swing wise menioned earlier that we didnt have secured excess at 14213 low. NF now moved down towards 14225 and bounced again yesterday. Yet to mark clean low. As long as no acceptance above 14640 was looking for one more swing move down towards 14150/14000 next. NF got more conviction for this with trend day in previous session now with no clean low marking. Now negation moves to 14450 and as mentioned in commentary break of 14250 opens up 14050/13950 probe.Looking for strong bounce as long as 13950 holds which should see rejection again in 14290-14380 zone.
Larger context for second half of Apr was to look for lower end rotation first below 14800 as resistance and then 14500 as resistance and NF following same path. Now next focus is how good it accepts below 13950 with daily value for remaining Apr to look for 13600/13100. As mentioned above 14450 as of now negation for this lower quad rotation and extension down on monthly profile and we could adjust negation as auction develops.
Price wise for next session, below 14240 could test 14200/14160 if sustains then 14100/14060/14020/13960 probe possible. Below 13935 could get 13870-13850/13825-13810.
Above 14320 could test 14360/14390/14440 and quite bullish above 14455 for 14490/14530.
Failing to sustain below 14160 and acceptance above 14220 could test 14260-14280/14310.
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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