NF had a clear long liquidation day with some exhaustion at top in last session.Observation was 12th Nov buyers were still defending with tail and there was no much of supply.As long as the tail of yesterday holds expected move up higher today.
NF opened around POC zone today and gone for drive down violating yday buying tail right at open. Considered weak below 18070 for 18045/18020.NF probed till 18030 then bounced higher and got rejected again at POC zone which resulted in minor spike down low close.
Pointers from today's auction :
Long liquidaton continuing.12th extension singles and handles are fully taken out and we are into lower distribution of that day.
We had a minor spike down close. If sellers are committed then they need to get early follow through down to clear 12th lower disbn fully to test FA zone there at 17920. They need to defend 18050-18070 zone and should do this probe. Failing to do so and accepting above this band could lead to short covering all day.
Failing to scale above 18030 and back below 17990 could test 17965-17945/17920 and weak below 17900 for 17860/17835-17820 then quite weak below 17790 for 17765-17750/17720-17680.
If fails to sustain below 17960 and back above 18030 could get 18065-18075 and bullish above 18075 for 18115/18140/18170-18190.
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 :
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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