NF printed slow trend day with mechanical supports and poor structure in last session. To avoid repair of such profile, buyers expected to show strength by gap or drive early in next session. NF gone with open drive to move away from 7days of balance.Above 16370 probe was for 16410 then 16450 and NF shot up till 16535 via triple distribution trend day and closed at high.
Auction recap :
NF printed a triple distribution trend day now ignoring all the poor structure down. Buyers showed good control all day and closed at high. Its triple disbn trend day means kind of emotional inventory so atleast repair/retest strength of buyers in this profile till 16450-16460 kind gives more comfort to buyers to sustain higher later.
All the poor structure below this triple disbn trend day is now overrun new business in this trend day session. 16450 immediate support for them now and swing wise 16380. As long as these levels hold buyers could stretch this run till 16620-16640. Below 16380 we could look for repair of all the poor structure down till 16220-16180.
Swing wise above 16400 expected a move to 16550-16600 and NF gone for this now reaching 16550 almost. MO still at -30 and not cooled off much despite NF is making new high with trend day imbalance move..This could be a speed braker for any move to sustain above 16620-16640 next and looking for some balance as long as NF stays below 16620-16640 band. If sustains 16640 then could move to 16750.
For next session, failing to sustain below 16490 and back above 16525 could get 16555/16580. If moves above 16595 could test 16620-16640.
If fails to sustain below 16450 and moves above 16490 could test 16525/16555.
If fails to sustain above 16550 and back below 16500 could test 16460 if accepts then could probe 16420. Quite weak below 16380 for 16350-16335/16300/16275/16240/16210.
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Notes :
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