NF had a balanced profile with value in earlier spike zone..Buyers expected next to look more higher after such value and considered weakness below 22540 to test 06th extn handle 22460 and below. NF had a slow drive down which cleared 22540 early in session then remained down all day to probe well below 22460 then closed at low.
Trend day closing at low.
Supply had all day control with volume and data and accepting below 22460 is weakness.
Sellers job next is to defend 22480-22490 zone all day to push further down to test prev FA zone 22350 then decide there..Not able to stay below this trend day and doing overlap could later clear 22480-22490 for a squeeze higher.
All day demand was failing .If buyers wanted to hold trending month of Mar as is, then buyers should show up/hold around 22350-22360 and push back auction into today profile else more weakness could be seen.
For next session moving above 22510 could get 22535/22560/22590/22625 if sustains 22670/22710/22740 possible. Failing to stay below 22370 and move above 22450 could get 22480/22510. Not able to stay above 22440 and move below 22395 could get 22370/22345/22310 and further weak if sustains 22300 for 22270-22250/22220/22190-22180/22150-22140.
Charts
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