NF had ledge and spike close in previous session and observation was that supply was keen. Expectation was to clear lower trend day from 27th. NF gone for gap down after spike and cleared 27th low. Could not sustain gap down and gone for open test drive up and created lower value all day below spike low but towards close got accepted in spike zone and closed above dVAH.
Pointer from the day :
NF printed 3rd day of one time frame down.We got 5days of one time frame up which got stopped and now 3days of one time frame down..If today’s high goes then things could get highly volatile especially in first session.
It has left large buying tail > clean balance > extn higher into close accepting in previous spike zone..
Now, buyers from this clean balance and extn are committed then should create value in/above Friday spike zone to move higher else weakness. 14660 and 14620 two ref from the day to remain bullish..Below 14620 we could start looking for test back in today’s tail zone.
Swing wise ledge+spike was expected to get towards 14540-14490 and mentioned that 14490 important support.If holds mean reversion expected back to 14650/14780. NF completed that downswing move and could not sustain 14490 and bounced back to 14650/14740 now.. Same ref 14780 for weakness and holding that now should accept below 14620 else could go higher above 14780 with 14620 negation.
Today’s auction suggests we could have some wide range of auction for the week.
For next session, Holding 14660 could test 14700/14745/14770 and bullish above 14785 for 14815/14850/14880 and quite bullish above 14895 for 14945/14980-15010.
Failing to sustain above 14740 could test 14700/14660/14640-14615 if sustains then quite weak for 14570/14540/14490.
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 via private blog.
Notes :
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