NF had a gap up + FA + NE close combo with 4th day of one time frame up on Thursday suggesting buyers control to look for probe of 16240+ . NF got another gap up on Friday at this 16240 then all day remained in gap range and printed higher value day..Move down closed the gap but could not sustain down further then gone for close at dVAH.
NF printed buying tail and 5th day of one time frame up closing at dVAH..Buyers still in control.
Narrow range lower volume day and next buyers need initiative move holding tail of this session.
Once resolved from 3weeks range buyers expected to get one way move and they are on the same now. 16100 now swing support for them to look further higher..16310 minor pause zone to look for rotation down next if sustains then 16390/16500 gettable.Immediate swing support moves to 16200 once NF reaches 16300..
Larger picture :
Weekly :
NF had overlap weeks and expected to move to 16010-16050 once sustained 15850 then rotation down from that zone was for 15850/15750. NF first day of the week stayed below 15850 then got this 16010 and pullback happened till 15750 which held.Further above 16050 probe was marked for 16140/16240 then expected another pullback and NF reached this zone now in current week close.
Now, this week resolved higher from 3weeks composite and ended as elongated profile up with close above dVAH = Bullish.. Next buyers need to hold 16100 and look for acceptance above 16240 to get 16310/16390 and any pullback means thats possible from this zone to test 16250/16200..If sustains means 16500 probe next and this zone could give a pause for pullback. If accepts means 16650-16700 possible next upside..
Weak below 16100 to close gap zone 16020 then could stretch to 15950 and that should bounce it back to 16100/16250. Solid weakness below 15950 to get 15870/15750/15650/15500/15350..As of now, lesser odds for next week to clear below 15950..As mentioned earlier we have quie a poor structure below 15950 till 15350 and that could go mostly straight whenever get the move below 15950..So, with the extension just happned from that 3 weeks range upside, either balance or skew higher is the bias and not reversal down immediate next week.
Monthly :
July started with first day sell off then imbalance higher now with daily strucure bullish and weekly just turned bullish..Entered into upper disbn of June profile after closing that solid extension down gap zone from 16185 of last month. Acceptance of rejection = reversal. Two scenarios laid out in last weekend report i.e, 16050-16200 zone defend and then rotate down to 15700 and below..Or accept above 16200 for one way move towards 16500/16650-16750 in first half of July to test June higher quad then come down back to 16200/16050..
Now, this 16050 given a pullback and then now left FA there and started moving higher and cleared 16200.With daily and weekly structure, suggesting more upside possible as per scenario b mentioned last week. So, holding 16060-15950 band we could look for balance and skew higher towards 16500/16700 then could decide there for remaining July. Failing to sustain above 16250 and back below 15950 means probe of 15650/15350 .
Charts :
Daily
Weekly
Monthly
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 :
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.
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