Large gap up + drive + solid DD uptrend day with highest volume from expiry day suggested start of fresh leg upside. They got gap up next on Friday and closed gap, then remained higher with value then closed with large spike up in last session.
2nd day of one time frame up after large gap and ended with spike.Another good volume day.
Spike rules for next session.21464-21525-21589 spike zone. Hold spike low = look for value in spike zone and move higher ; Weak below spike low.
Price moved way away from POC to print 3IB day with emotional large spike as some good supply tried to hold auction which they failed and resulted in squeeze..so, odds of balance for next session to bring value higher after such large spike.
For the fresh leg started above 5days composite, obj marked for 21420/21500/21650/21850 for the remaining month. NF filled 21500 and remaining obj are now 21650/21850.Negation moves to 21200.
For next session, not able to stay below 21520 and moving above 21545 could test 21575-21590 if sustains 21630-21650 possible.Not able to stay below 21450 could bounce to 21480 acceptance there could get 21510/21545/21575. If rejects 21420 then could bounce back to 21450 acceptance there could get 21480/21510/21545/21575. Failing to stay above 21560 could drop to 21520/21480/21450-21435 if stays below 21430 then 21390-21380/21355/21330-21310 possible.Quite weak below 21305 for 21280-21270/21245-21220.
Weekly :
NF had 5th week of one time frame up and ended up as short covering week with dPOC skew higher on weekly. As long as 21020-20990 holds expected overlap to higher skew week towards 21180/21240/21320 then pullback expected..Below 20990 marked for 20940/20890 and major weakness marked below that..Above 21320 marked for 21440/21550/21640.
NF tried to defend 20990 first two days of week with overlap auction without moving much higher from last week high, then gave up below 20990 to test 20900 which bounced higher to clear 21320 to get 21590 at close of week then closed at high.
6th week of one time frame up and spike up close in weekly.21400-21440 immediate support for the week to look for bounce and balance with the skew back towards 21640. Odds for narrow range week mostly. Expecting 21640 to hold on first test for balance.If we get value above 21640 then 21720-21740/21840-21860 probe possible..21400 goes means test of 21330/21290 then bounce possible back to 21440/21520/21640.Below 21290 test of 21230-21210 which is again very solid support..Major weakness any only below 21200 now for 211120/21040-21020.As said in earlier report, 21000 is sealed for Dec.
Monthly :
Nov closed with spike.Expected Dec to be trending month. Considering volume on daily profiles+ weekly structure, upside leg was still due on monthly..Upside stretch expected towards 21320/21500/21640 either straight or after having small pause in 21100-21200 zone.They had that small pause and then moved towards 21640 at close of last week.21200-21000 band now good support for the month and 20600 going to be large time frame support for the months to come.
As volume is still picking up for the month, upside probe is not over yet and minimum till 21800-21850 zone probe is due for the month.Extreme case means could stretch to 21980-22040 zone.
Charts
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Monthly :
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