NF had a lower value day in last session post trend day with poor highh and low with incomplete auction at low. Drive/gap down was bias for next session. NF could not get that but just cleared PDL then gone higher with open rej reverse and end of the day cleared poor high at PDH then closed at dPOC. Buyers job was to defend PDL and sustain 18410 to move higher which they did all day today.
NF left a outside day after clearing both poor low and poor high of last session.
Not a clean trend day due to larger whips and still gone higher for range extension.It has left poor value area.
Spike up close..18465-18519 spike zone..Accept in/above spike zone = bullish else weakness.
dPOC skew higher and closed there..Advantage buyers. They need to defend 18440-18465 and get drive higher or better gap up and sustain higher all day above 18465 to move towards 18560/18590-18620 and above. Failing to do so could go for repairing today's profile with a probe below VAL zone / test tail zone.
Mentioned in weekend report that two solid res for the week. 18520 and 18650 and today NF tested first res zone..As mentioned in closing commentary, swing wise not done downside and not expecting rally above 18650 affter today's auction without some balance. Better to form a balance if they want to take out 18650..Hence expecting retest of 18405/18360 zone minimum staying below 18650.
Swing wise pullback to 18500 considered short and this got triggered today.Could add short further if we get a move towards 18590 tomorrow and negation at same 18660. Probe now looking for 18405/18360 then 18220/18150/18050.
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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