NF had a failed trend day in last session and expectation was to have balanced session next. NF had a open below PDL but could not sustain and gone for all day balance and by close had a minor spike to close at highs. Above 15855 probe was for 15890..It held below 15855 in first session and in second session did this move after many struggle.
Pointers from the day :
NF repaired poor value area of yesterday selloff. Failed trend day expectation was to have few sessions balance and NF started this today..15750 looks sealed now and that tail zone from 15750 shown defense once again today.So, 15750-15930 balance zone now roughly as mentioned yesterday.
NF had a buying tail today which ended up with minor spike into close..Spike rules in place tomorrow. 15865-15875 support, if holds and creates value higher then bullish later ;
Below 15865 = weakness ;
Open and acceptance above 15900 spike high = quite bullish with 15865 negation.
Buyers had advantage with them with spike close..Better they should go for gap/drive to get neat follow through considering spike. Failing to do so and accept in value area could go for probing value area as it was clean balanced profile today.
Swing buy at 15800 got triggered met its first obj yesterday at 15890 and negation was moved to 15780 which got saved today. Prefer to keep same negation for tomorrow too for next obj 15950/16020.
For next session, 15865-15875 support.Holding this and moving above 15905 could get 15935-15950.Above 15960 could probe 15990-16020.
Weak below 15865 for 15840/15820-15800 and quite weak below 15780 for 15755/15725.
If fails to sustain below 15820 and accepts 15855 then could test 15880/15905/15935-15950.
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 :
a) Check glossary page in website if any of the terms used in the post are not clear.
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