NF bounced off from major support zone 17050 in last session to close at upper end.Observation was that buyers had edge at close and they expected sustain higher in next session away from two way balanced profile. NF got a clean gap and then drive up..Later remained as higher value session then closed with spike at high. Above 17395 probe was marked for 17475/17510 and NF made till 17490 today.
Pointers from today's auction :
NF stopped 4days of one time frame down with PDH scale today.
Gap up + buying tail + spike close combo today..Buyers back in business.
Triple disbn trend day 07/02 effort almost got negated fully today.As mentioned in commentary, its back to back two days of balance accepting in 07/02 imbalance profile. Acceptance in such rejection profile = reversal i.e, bullish..Buyers need to again stay away from balanced profile of today to tick higher further..Only concern is low volume push today..So, they need to defend todays value and bring in more volume in next session.
Spike close and spike rules apply for next session..17460-17490 spike zone..Below spike low = weak ; above spike high = bullish.
Auction incomplete at close. Swing wise, probe was marked upside for 17380/17550-17600.First obj 17380 done today and negation can be moved to 17380 now to look for remaining obj.
For next session, above 17490 could get 17530-550 if sustains then 17580/17620-17640 possible.Further bullish above 17650 for 17690/17730-17745. Failing to stay below 17410 and back above 17450 could get 17490/17530-17550.
Failing to stay above 17580 and back below 17490 could get 17450-17430 weak below 17430 for 17400-17380.Quite weak below 17370 for 17330-17305/17280/17250/17190.
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 :
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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