NF had a spike down close in previous session. Skew was with sellers and they needed a gap or drive down for follow through. NF opened above spike high but could not make any decisive move and gone for open auction in the range..RBI press event push could not sustain the POC then remained as inside day all session and closed at high with poor high.
Reading from auction today :
NF failed to sustain POC and VAH and gone for overlap value and inside day auction.Pause after last two days of two way move.Suggests could be imbalance again tomorrow.
NF left a poor high and as long as that remains unrepaired 14620-14600 zone POC of the day is magnet zone.
Spike of previous session could not sustain today and allowed partial value higher above spike zone..14600 spike high now becomes good support next session which is also POC zone now as said above.
14550-14420 large tail zone seems mechanically rejecting NF now.Today got perfect rejection at 14550.Its their job now to sustain higher above 14780 in coming sessions else this mechanical rejection zone could see a fill back.
Swing view remains same as mentioned yesterday. Staying below 14780 skew is down to get 14490 and below and once 14490 probed negation moves to 14680 till we get 14350/14250. Above 14780 opens up 100-150 pointer move upside.
For next session, 14650 support to repair poor high at 14700 if sustains then 14740/14765-14780 probe possible and quite bullish if sustains 14780 for 14815/14850/14880/14945.
Failing to sustain below 14620 could bounce back to 14675/14700 then could do remaining probe as mentioned above.
Failing to sustain above 14760 could drop to 14700-14680/14650/14610 if sustains then weak for 14575/14540-14530. Below 14520 quite weak for 14460/14420-14390.
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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