Expiry day had printed 3-1-3 profile in NF. Sustaining value area was expected to be trending..NF got a clean drive with volume driving away from 3-1-3 profile and then squeezed more. Upside probe marked towards 21870 incase of trend and NF gone well above that.
Large drive buying tail and short squeeze profile accepting back in excess top.This tail zone becomes good swing support now.
Data and volume bullish at close.
Multi day balance expected to be over in a session and expected move away and this has resolved upside now..
Immediate ref for next session for buyers to hold is 21890-21920 band to overlap higher and then look for move higher from PDH..Clearing this zone could test buying tail zone then bounce possible.
After that look below last week low/balance low and back into balance expected auction path for swing was towards 21810/21870 holding 21570 and this is done now. Swing support moves to 21780 and holding this upside next possible towards 22060/22120/22220.
Levels wise for next session, not staying below 21940 and moving above 21980 could test 22020/22060/22090-22110 if sustains 22150/22180/22220 possible. Not able to stay below 21870 and moving above 21910 could get 21950/21980/22020/22060. Failing to stay above 22020 and moving below 21950 could test 21925-21910 weak below that for 21880-21870 and no bounce means 21840-21830/21800-21790 test and sustains 21780 means 21750/21720/21685/21650/21625.
Weekly :
NF closed last week with 9 weeks of one time frame up.21720 considered as support to push higher and dropping below that expected a move towards 21620/21525 then bounce else liquidation below that.NF moved down to 21525 and below and bounced for the week after having few days of balance and tested almost highs of last week..
One time frame up of 9 weeks stopped with a move below last week low but closed above dVAH of current week as well as 3weeks composite. back to back b profile weeks now but could not get follow through down suggesting path of least resistance upside. In a strong uptrend, printing long liquidation profile but failing to get follow through down below such profile means, weak hands removed and on going trend to continue. 21780-21820 now weekly support.
Holding above said weekly support, either looking for balance first and move higher next or first move higher quick early in the week then come down for balance is expecting..Levels wise, upside is towards 22060/22120/22220-22250 for next week and not expecting anything beyond 22250 as of now..If sustains 22250 then move is towards 22400/22500. Holding around 22120/22220-22250 could fall back to 22000-21980/21920/21875 then bounce possible. If stays below 21875 then test of 21820-21780 which could reject whenever first test happens.Staying below 21780 calls for 21720/21625/21570 and 21570 is kind of solid support, goes means big move down possible towards 21475/21375/21325 and lower.
Monthly :
As long as holding 21600 zone,Jan expected to skew higher to retest 21870/21970 then decide there to negate excess and get extension higher for the month or reject and rotate back to lower end of current month range again.NF whipped below 21600 and bounced back to 21970 now. Monthly support now moves to 21500. Holding this balance and extension higher odds for Jan towards 22100/22250/22500. If not able to sustain higher above 22020 means some balance still this could do with a fall back to 21870-21820/21625/21500 and that goes means Jan could resolve downside towards 21325/21200.
As of now monthly suggesting to close either as b profile or DD up profile as long as we stay above 21500.
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
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