Nf had a spike close in last session and spike rules in focus for next session. NF started accepting above spike high early in the session today which was bullish sign..Above 17150 probe was for 17180/17220 and NF got this move during IB. Later could not sustain the morning drive then remained as long liquidation profile all day getting sold off on pullback higher and closed at low.
Pointers from the day :
NF registered 4th day of one time frame up.
After 3 days of trend day move with price moving away from mean, first day of some profit booking via long liquidation auction today..Acceptance below this b profile with value next could lead to some more long liquidation else possible for some balance to resume.
NF created value in yesterday spike zone. Its bullish sign. And today's profile got some poor value area with upper quad need some fill. As long as that spike zone holds, no weakness and could look for overlap session in today's range to repair poor value area..
Swing wise staying above 16950 probe was for 17100/17250 and NF moved till 17225. Could move negation to 17050 now to hold it for another day or two.
For next session failing to stay below 17070 could bounce back to 17120-17140 and bullish above 17140 for 17165-17180/17210.Quite bullish above 17220 for 17250-17260/17300.
Failing to stay above 17180 could drop to 17120-17090 and weak below 17070 for 17035-17020/16995 and quite weak below 16985 for 16960/16925.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
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