NF had a neutral day in last session..Buyers expected to sustain above PDH else repair of poor value area expected.NF failed to sustain above PDH but after repairing poor high gone to accept below VWAP of neutral day which lead to long liquidation profile.
Yet to clear poor low of last session and printed another poor low today.Quite weaker lows.As long as these lows hold, risk on long side.
Long liquidation profile and repaired last session anomaly structure and accepted back in triple print tail.Weakness.
Expected wild range auction but NF gone for overlap making 2days bell balance now. Imbalance next out of this two days balance..As mentioned in closing commentary, bias is to resolve downside to get 18050/18010/17960/17920-17890.Negation for the view acceptance above 18240.
7th day of one time frame up.Signs of exhaustion with quite lower volume at just 58L against average of 85L and back to back narrow range days.
Buyers need to defend 18100 next session and push above 18160 to get 18210/18240 then rally higher possible above this. Sellers need to defend 18210 and clear 18100 then sustain lower for more liquidation.
Charts and data :
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