NF stopped 7days of one time frame up and left short covering profile on Thursday..Buyers next needed drive or gap else overlap to downside auction expected to test Thu buying tail.Failing to stay above 18150 expected to test 18050.NF could not get drive up and gone for ORR down holding below 18150 to test till 18070 VAL zone of short covering profile..Later traded in tight range with overlap value then ended with spike up close at high.18150 push was marked for easy move to 18200 which happened via spike at close.
NF printed failed auction at low.
It was neutral extreme up day with spike close.Spike rules apply for next session. 18150-18220 spike zone..Stay in/above spike zone = bullish ; Weakness below spike zone.
Lower volume day again ended with spike which is emotional..Need follow through auction next to validate spike.
4days composite in NF with tail at low pointing for big swing move ahead..Buyers for next session need to stay away from this composite and create higher value all day..Else, back to composite POC/VAL zone probe.
Swingwise staying below 18240 was looking for retest of 18010 zone which gave move only till 18070 in last session and moved back to 18220 for close..Swing view turns bullish above 18240 with 18110 negation for 18340-18360 and that zone tough to clear straight which could offer decent pullback which should hold 18150 zone.
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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 :
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