Buyers had comfortable close on Thursday with many nuances backing up them.They were next expected to move away from 7days balance higher side..NF gone for gap up and then remained in gap for first session then later filled the gap and closed at dVAL.
It was long liquidation auction all day..NF left FA at top and then upper disbn never got the price back into that zone and attempt got rejected even at close which pushed NF to close at dVAL..Its just profit booking or exhaustion could be confirmed in next session..If its just profit booking then NF should accept above 17910 to move higher..
It has left good buying tail at low..Failing to sustain above 17910 and accepting in tail at low could push down NF back into previous composite balance.
Swing has met that 17940 zone marked for upside move and took a pause now.Negation at 17760 now..Holding this and accepting above 17950 next could move towards 18100. Swing short if sustains below 17760 for 17660/17610/17530 with negation at 17900.Once moves to 17660 negation can be moved to 17820.
Larger view :
Weekly :
NF had a outside week and staying below 17735 probe was for 17370 and below.. NF stayed just a day below this pivot and didnt move down but started moving higher.. Above 17740 it was marked as easy move towards 17900 and this happened at close of week.
Two weeks of one time frame down now stopped and weekly turning into balance now. Weekly has closed stronger above dVAH. To sustain further higher 17800-17750 support now to defend next week..As long as this holds, could stretch upside towards 18100 if sustains then 18250/18350 possible next. Failing to sustain higher and accepting below 17750 could easily pull it down towards 17620-17590 zone where this 3 week overlap wide POC is lying.. That zone should allow a bounce..Accepting below that zone could get 17440/17330/17250 quick.
Monthly :
Sep now balanced month sofar after a failed trending month in Aug.. Month has closed with clean extn handle at this week close..Holding 17750 now month should go for extending higher with few days of value for second disbn in Sep..We have clean lower disbn now with auction happened sofar in Sep. Below 17750 could become chop and down towards 17500/17330/17250 travelling down in lower distribution.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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