It was long liquidation auction in last session with b profile..Sellers next expected to defend 19170 and sustain below 19120 for more downside..NF had a open auction in first session today and could not sustain above 19170 and was testing below 19120 many times then later had range extn down..Not able to stay above 19165 and move below 19120 marked for 19095/19070/19040 and they got 19090 by IB and later probed till 19050 then closed at low.
3days of one time frame up stopped.
Poor low at close.
19100-19125 now good resistance.Sellers need to hold this and move down below poor low for 19015/18975 then bounce possible. Above 19125 squeeze towards 19165-19175 and failure there could pullback to 19120 and lower. Staying above 19175 could get 19205/19235-19250+
Swing in balance mode and suggested move down towards 19040/18975-18950. Moved till 19050 today. Immediate resistance at 19175 now. Accepts means retest of old supply zone 19250 then rotation down possible. Large short view negates above 19310.Odds of rally to 19365/19410 possible above 19310 then could see rejection.If we accept above 19420,clean move towards 19550/19640/19850 could take place.
Charts and data :
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