NF had a higher value above spike and printed 5th day of one time frame up on Thursday. Buyers of tail from Thu expected to hold 18910 to scale above 18960 to get further move.Failing to do so expected to probe 18840/18805. NF gone for liquidation from start on Friday and probed below 18805 via long liquidation profile then closed at dPOC..
Large selling tail and b profile.Sign of liquidation.
Left a poor value area due to choppy auction in dev value area.
Accepted below spike of 18835 with value.
5 days of one time frame up stopped with PDL swipe.
All above information suggesting NF could go for few sessions of balance before next directional move.
For next session, buyers need to scale above 18870 to get 18910/18940 then could face exhaustion /rejection there..If sustains 18940 then 18990/19020-19040 possible. Failing to sustain above 18870 could drop to 18820/18770 to repair poor value area and that should hold else more liquidation below 18770 for 18720/18670/18620.
Swing long view now negated with a move below 18800..Now,looking for few sessions of balance roughly between 18600-19000. Buy on dips preferred than chasing longs for positional view at start of the week as balance expected.
Weekly :
After multi distribution outside week , NF printed higher value week with 10th week of one time frame up. Outside week of last week had value lower but this week clearly pulled the value higher suggesting weekly starting fresh leg next now after 3 weeks of consolidation.Remember we had all those low volume narrow range sessions in that consolidation but now we moved away from that zone of consolidation and volume has been decent for this week.This is sign of fresh business to take this further up.
Wide POC of the week at 18770.As long as this 18770 holds, NF could move higher towards 18910-18950/19040 then balance possible to fill this week profile. Sustaining 19040 is for 19200/19400. Below 18770 could go for 18670/18620-18580 then expecting bounce back higher to 18770/18870/18950.
Weakness on weekly only below acceptance of 18550, till then could look for sideways to upmove. Acceptance below 18550 when one time frame up on weekly gets stopped,could pull it down towards 18400/18320/18220.
Monthly :
Monthly another higher value month now started after spike close in Nov.. 18400 good support now to look for Dec to stay higher to continue higher value stretch.Looking for 19040/19200/19400. Below 18400 could do 18220/18100-18000 and below that monthly marks excess at top and large reversal down possible.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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