NF had a failed trend day last session and observation was to look for two way auction in the zone of 18370-18410-18460 zone..They had this auction between 18370-18410-18445 for most of session and later gone for spike down. Staying below 18370 probe was for 18330 and below which they got in closing hrs then closed at low.
Most of the auction of last session retraced and NF gone below mid of large tail left at low yday via spike. Weakness and auction incomplete at low by close.
Spike close. Spike rules for next session. 18365-18312 spike zone..Stay in/below spike zone = weakness and accept above spike zone = strength.
Data wise entire move of yday which got extn above 18390 got neutralised today suggesting look above and failure..As long as we stay below 18450 now probe is back towards 18250/18200 then decide there.
Levels wise for next session, any bounce to 18365-18390 looking for rejection for a move back to 18325-18310 and weak below that for 18280-18270/18240/18210-18195. Failing to stay below 18280 and move above 18330 could test 18360 if sustains 18390 possible and bullish above that for 18420/18450-18470.
Charts and data :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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