Buying tail and double distribution trend day up on expiry day with dPOC extreme skew at high suggested buyers advantage at close. They needed gap/drive up next. NF started flat at PDH and bounced off sharp from POC zone with good volume and solid drive up. Move above 24490 marked for 24570/24690 if sustains more upside expected.They gone for quite large move to get new ATH and closed at high.
Solid trend day by auction and volume for new ATH.
dPOC skew again higher..As long as accepting around/above this POC, more upside possible.
Swing support now at 24750 on daily time frame and as long as this holds upside is open towards 25020/25080.
Levels for next session, not able to stay below 24870 and moving above 24910 could get 24940/24970-24980 further bullish above that for 25020-25040/25070-25080/25110/25140. Failing to stay above 24980 and moving below 24905 could get 24875/24840-24825 then bounce possible and weak below 24820 for 24790-24780/24745-24735/24705 then bounce else 24665-24650/24620 odds.
Weekly :
Last week considered 24575 as pivot for the week. Staying below this expected 24465 and bounce else 24380-24355 and bounce else 24250-24230/24150/24090 expected. NF held below 24575 except minor whip to start the week and during event cleared 24090 then bounced. Above 24575 marked for 24650/24740-24760/24820 which they cleared at last day of the week.
Spike close on weekly and 24600 becomes spike base on weekly time frame now and 24750 becomes another good support for the week from trend day of the week. To start the week holding above 24820 could look for 24980/25080/25150 then pullback towards 24920/24850-24820 zone and bounce else test of 24750 zone then bounce..That goes means test of 24675/24600 and bounce..If 24600 goes means more weakness towards 24550/24480-24450.Below 24450 means quite bearish. Above 25150, we could look for 25240/25300+ (this better to look for after a small composite balance).
Monthly :
Holding 24350 balance expected in July between 24350-24850. If stays below 24300 then 24200/24080/23970 expected.NF probed 24065 then bounced back into July balance and met other end 24850 and closed above that. 24250 now becomes monthly time frame support which has printed large excess tail for July there. 24450-24600 becomes pivot for Aug.As long as this band holds, skew higher towards 25080-25150/25300/25450-25500 possible in Aug. If not able to stay above 25100 then could drop back to 24900/24800 and bounce else test of 24600-24450 and bounce else 24350/24250 test and that goes means bearish towards 23950/23700-23650 and below. Being balanced month Jul, Aug could deliver imbalance
Charts :
Daily
Weekly
Monthly
Data :
Notes :
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