NF had a good volume based spike down close in last session.Holding in spike zone expected to get more follow through downside..21920 considered resistance/negation for such view.NF had a flat open and bounced via open test drive to complete IB which faced rejection at 21920. Then had some pullback and balance in spike zone and later started moving above 21920 to get a squeeze then ended at high.
Double distribution trend day up.
Negated large spike zone of last session suggesting no directional move yet and likely to remain in balance. We have 4days balance downside below 21900 and turning out 3days balance above 21900 now..This travel between balances likely to continue for another session or two spilling all over with volatility.
Today's double disbn profile got wider upper disbn and leaner lower distribution and volume was below average all day.This suggests next buyers have to run away higher early in session to defend this wider upper disbn and once done never accept back in upper disbn if happens then odds of testing back lower disbn possible..Structure wise 21895/21865 need a retest after today auction.To avoid that they need to defend upper disbn all session next.
Levels wise, move above 22015 could get 22045/22070 reject else 22120-22130 possible and starts accepting above 22145 means probe is for 22180/22220-22240. Not able to stay above 22070 and move below 22000 could get 21970-21960 and weak below that for 21930-21920 quite weak below that for 21890/21865 bounce else 21835-21825/21785/21755/21725 probe possible.
Charts and data :
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