NF left another FA at top 15855 on a neutral day in last session. To succed, this FA expected to clear 15760. Buyers gone home advantage and 15780-15790 was kept as support for them.After a clean balanced profile, expected imbalance with this band as pivot.
NF opened in this band and started clearing PDL in open drive imbalance down with good volume. Below 15790 probe was for 15760/15725 then considered quite weak for 15680/15650-15630. NF via open drive cleared all this objective in A period itself then gone for drive failure and balance..Later towads close got extension higher and ended up closing at highs after retesting prev FA zone.
Pointers from the day :
NF cleared last two days low via drive but could not sustain and left a clean buying tail which got extn handle later in the day.This suggests buyers in control into close. This extn handle and buying tail going to be good support for the coming sessions to remain bullish.
NF just retested prev FA zone of 15845-15855 but could not sail higher..Focus on this tomorrow..As long as this holds, one retest possible to today's extn handle zone 15780-15790 if accepts then could have overlap auction in today's value.
NF moved away 45 degree from wide dPOC of the day..Buyers should make sure they get drive/gap and higher value to pull the value higher else chances are there to visit this dPOC zone 15730 again to retest buyers of today's auction.
Swing wise gone to sell below 15750 and probed 15650 first obj and negation for this sell at 15855 now..It turns into buy mode above 15855 with 15700 negation to look for 15950/16080 next.
For next session, 15780-15790 support to test 15850 if sustains then 15875-15890/15920/15950 probe possible.
Failing to sustain above 15840 could test back 15800-15780 and weak below 15770 for 15745-15730/15705 and quite weak below 15695 for 15650-15630.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
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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