NF had a clean trend day auction on Thu and with volume+data+trend day originating from composite weekly POC, observation was that initiative selling started..Expected two way balance session next either holding below 18580 or around PDL zone..NF gone for such wild two way balance around PDL zone then closed below dPOC.
NF created lower value day below trend day after 45 degree move away from poc on trend day..This value shift confirms more weakness.
Poor high as well as poor low and auction incomplete at low. Drive/gap down is bias after such close below dPOC.Failing to sustain below VAL could lead to overlap session then later extension down possible.
Buyers need to defend PDL zone and accept above 18410 to get 18450 then sustain there again to push higher to clear poor high..Failing to sustain above 18380-18410 could test PDL if sustains then 18265/18220/18190 and below probe possible.
Swing short view mentioned for 18300/18220/18150/18050 after a trend day from Thu and same is NF working on now..Pullback to 18540 was considered for short and NF made a pullback only till 18480..If we get a move back to 18500 then same short could be considered with negation at 18660.
Weekly :
NF weekly printed second week of one time frame down and closing at low of week.Expecting weakness to continue with another range extension on weekly time frame.
18520 and then 18650 now two solid res zone for the coming week..First one accepts means test towards 18610/18650 then rotate down expecting..Any reversal only above 18650 acceptance..
Staying below 18520 expecting a move towards 18220/18150 then bounce possible from there then later looking for 18150/18050 which is next solid support zone to bounce back higher. Acceptance above 18650 could move to 18770/18840/18950.
Monthly :
Monthly move below 18500 expected double distribution down month..First test below 18500 rejected but could not sustain higher and next move in this week below 18500 given clean extension down now..
So, expecting this extn to push lower on monthly..November month had a spike close and pushed value higher in Dec..Now, Nov spike zone negated and NF into Nov value zone at POC now.This negates bullish bias from monthly as of now..Bullishness resumes on Dec only if it moves back above 18650 into all month balance zone..Till then expecting it to clear Nov value zone fully in coming sessions either straight down or with balance rotation.
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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