NF had 7days of one time frame and 3 gaps in a row at close in last session. Observation was that rally odds were lesser further without balance or pullback. NF got another gap today but could not scale higher above open high and gone for sharp liquidation move to get outside day by clearing PDL..Post PDL break could not sustain and gone higher to day high only to leave poor high and then cleared IBL again.
Below 18480 probe was for 18450/18415-18395 which happened in IB liquidation at open then got into two way wild auction finally closed below dVAL.
Pointers from the day :
7days of one time frame up on daily stopped.Balance or reversal from here.Bias is for 18300-18650 zone balance roughly..Quite weak if today's auction fails to get into balance and breaks 18300.
NF not printed a secured high and left poor high at top.So, this high left today is only short term top if they want to go down and could come up again to repair this.
Its outside day profile.Sustain the range = trend ; failing to sustain the range = could do overlap auction in today's range.
Volume was quite higher today than average reading and close has seen some passive buying.These buyers should defend 18410 early in session and accept 18475 to move higher..Failing to do so could lead to another sharp liquidation in first session.
For next session,18460-18475 band resistance. Failing to scale this and back below 18410 could get 18380 and weak further for 18360/18335/18300. Quite weak below 18290 for 18265/18240/18205-18190.
If fails to sustain below 18365 and accepts 18420 then 18445/18475 probe possible and bullish above 18475 for 18500/18535/18560 and quite bullish above 18565 for 18590/18625/18660.
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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