NF had a long liquidation session on expiry. It has opened with gapdown below weekly support level of 25220 on Friday. It tried to bounce back but could not clear this level and gone for open test drive down for larger IB then remained in balance and later gone for range extension down then closed below dPOC.
Large selling tail and clean liquidation profile.
High volume day clearing weekly and monthly spike zones of August = weakness.
On daily timeframe 25020 immediate resistance and 25220 major resistance now. Holding below these levels downside is open towards 24720/24660/24520 in coming sessions.
Please check hypos in plan for tradeble levels.
Weekly :
3rd week of one time frame up closed at highs at end of last week. 25220-25265 considered as solid support on weekly .Upside 25440 buyers expected to sustain early in the week. Else, expected some balance between zone of 25220-25330-25440. Marked weak below 25220 for 25165/25120/25040 goes means 24980-24965 and below expected. NF could not clear 25440 and gone for balance to start the week then started moving below 25220 which pushed for move till 24850.
All time high week ended as outside week closing at lows. 25240 strong resistance for the week. Staying below this could move down towards 24760-720/24660/24520-450. Not able to stay below 24700 and back above 24900 could get 25020/25080/25160 could reject else 25220-240/25340.
Monthly :
Outside month and spike close in August. Odds were there for some balance to start the month. Upside considered max 25525 to look for some pullback and balance towards 25265-25220. Stays down means next good support for month 25000-25050 zone which expected to hold. As of now not expecting any move below 25000. If stays above 25525 then slow days drag could happen towards 25650/25800/25950. Month turns to weakness below 25000 for 24840/24730/24640/24520/24430-24390.
Month started with balance and gone below support level of 25000 suggesting weakness. Looking for test of 24750/24650 zone then bounce then again drop towards 24450 bounce goes means 24200 possible. Upside now 25250-25300 resistance. Clears means 25450/25600 possible.
Charts :
Daily
Weekly
Monthly
Data :
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.
Comments