NF had neutral extreme day with spike close on Friday and considered spike as emotional hence follow through auction needed to confirm spike.Also, NF had 4days composite hence buyers for next session expected to stay away from composite else probe back to POC/VAL of composite expected..NF had a clean gap but could not sustain and gone for open test drive down early in session accepting in 4days composite value..Lead to liquidation till POC of composite zone 18140 / below spike low which failed to hold and rejected swiftly to close at dVAH of the day.
NF printed 3-1-3 profile leaving buying tail below spike low zone..Considering swift rej with tail and day volume + close at dVAH, advantage buyers at close.Rule of 3-1-3 is, defend value area and clear tail = trend ; Fail to sustain tail zone and back in value area = probe value area.Focus on this for next session.
NF now got 5days composite which is again 3-1-3 profile and closed at dVAH of this composite..As mentioned in last report, NF preparing for good swing move and as per close, bias upside because considering yday auction as inventory adjustment break data wise and auction wise before good leg upside.
NF had a emotional spike which got value now and rejected the move below spike low..This value in spike is bullish.
18220-18210 support for buyers to defend and push higher towards 18290/18340/18390/18440..Failing to do so and below 18210 probe is to repair poor value area towards 18170/18140/18110.
Below was the observation in weekend report for the week.
// To start the week, above 18240 probe is for 18290/18340-18360 then pullback possible from here back to 18240/18180/18150. This zone should bounce it back higher again towards 18340-18360 if sustains then 18440/18565 possible..Further acceptance could get 18650/18800/18950.
18110-18150 solid support of the week now..Weakness below 18110 for 18040/17985 which should bounce higher..If accepts then 17920/17850 pause and bounce..If sustains 17700-17650/17500 probe possible. //
NF had a auction yeasterday in line with above observation.Pulled back from 18300 zone towards 18150 and below and held that support band 18110-18150 and bounced higher for close..As mentioned in closing commentary, swing view for 18565 opened up. Looking for 18340-18360 as mentioned above in a quote to start with then later 18440/18565 before going for balance. Negation at same 18110 now and once moves to 18340-18360 negation can be moved to 18170.Swing short below 18110 for 17985/17920/17850 with 18220 negation.
Charts and 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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