NF had FA + Neutral extreme spike close in favour of buyers at close in last session. Buyers expected to defend 15700-15740 to get other end of balance 15860. NF had a open failure above spike high then gone for open test drive below spike low which lead to liquidation..While acceptance below spike low expected to get 15570 NF halted around 15650 then gone for all session creating value in spike zone of last session. They held yday spike low mechanically in that auction then got another spike close to get 15850 for close.
NF left a double print tail at low with large inventory shift around 15725 zone. Not a clear rejection at low to call it as FA so will mark this low as double print tail..Weak low context wise.
Neutral extreme day with spike close..Spike rules apply for next session. 15795-15850 spike zone..Accept in spike zone / above spike zone = bullish ; Sustain below spike zone = weakness.
15720-15750 today made some effort to hold the auction..This becomes solid ref now for buyers to hold swing wise..Below this could look for 15650/15570/15520 as it has left quite a poor value area today as well as weak low.
Buyers got value in yday spike zone and got another spike now..So, next they need to defend above said swing support zone and look for sustaining higher above 15860 to get 15950/16010/16050. Once moves above 15860 support moves to 15790-15770 below which could look for liquidation.
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.
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