NF stopped 5days of one time frame up and had balanced profile in last session with no inventory back up from buyers.23565 marked as good res. They opened higher above this today with gap and gone for quick drive with volume. Marked for a move till 23640 above this resistance then 23720-23730 expected. After probing 23640 they failed the drive only to get IBL swipe then all day stayed up to probe well above 23730 then closed at high.
Gap up and buying tail with failed auction at low, which becomes good swing support for the week.
Neutral extreme up as well as double distribution up day with solid volume and data back up from buyers who should hold 23630-23650. As long as this holds, balance and skew higher odds to get 23900/24020-24050. Breaks 23630 means test of 23565/23535-23510 band then decide.
dPOC way down today and price moved 45 degree away from it.So,not able to sustain above PDH could go for some balance in second distribution in first session to bring value up.
Check plan for trade hypos.
Charts and data :
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