NF printed outside day with spike close in last session.Observation was that spike was emotional with a move away from first session b. Volume was well below par on outside day hence buyers if not able to stay away from outside day, then overlap auction expected.NF failed to sustain above PDH and gone for all day overlap in spike and later probed below POC and then closed at dPOC.
It was neutral day and left FA at top.
Spike was not able to push higher and spike low given up today.It was solid spike in last session and gave up right in next session today.Weakness.
NF forming ST top around today high zone and with current week range getting tighter, expecting this to resolve downside as mentioned in commentary. Neutral day today could lead to fresh auction moving away from this tight range week in a session or max two.
Many mechanical support in last 3days auction and today first sign that they are ready to give up.Intra auction has given such sign with neutral day. To negate this view, they need to get range extension higher above 18535 and once done should defend 18450 to look for more higher move.
NF swing long view over today with solid swing support 18410 given up. Swing short triggered below 18410 today..Negation at 18550 now to look for 18310/18240-18220.
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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