NF had a 3rd day of one time frame up with clean short covering profile after large buying tail in last session with incomplete auction at high. Buyers job was to get drive or gap after such P profile..They got clean large gap and then all day gone for open auction higher value then closed at low of the day.
It was large gap up day and gap remained unfilled close..Buyers defended it all session.
4th day of one time frame up.
Theoratically neutral extreme down day though range was quite narrow below IB and that too happened at close..Possible some inventory close of longs lead to this and less commitment at close for next session from buyers..Below day low could see some liquidation.
High is not so clean to call for swing high..Failing to sustain below day low and back in this day's value could look for getting new high.
Swing wise final obj for this leg of 16500 done today..16450-16500 zone was expected to rotate down considering low volume sessions as well as from large time frame profile structure..To avoid this needed a initiative move from buyers to clear this 16450-16500 band..Buyers got that with clean gap today and all day registered decent volume with higher value above 16500.
Now, immediate reversal down less chance for swing considering that we do not have clean secured high..So, any travel back down in today's gap might see demand entering again to get a new high in a session or two.Swing support as of now 16330 and any weakness only below this..Till then better to wait for short trades. As mentioned in previous reports, acceptance of 16500 with value means swing wise longs possible to get more leg upside. On many front this 16500 is pivotal to decide next two weeks auction.So,not bad to stay light and watch what they are doing especially for shorts.
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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