Short covering profile with buying tail in last session and that tail considered as immediate support for next session.Holding this tail buyers expected to seek overlap and then later range extn higher. NF had a flat open and via open auction tested tail and bounced to get PDH swipe then all day gone for overlap with value then closed with minor spike at highs.
4th day of one time frame up and in that last 3days got very poor volume. Buyers next need volume based session if they want to stay higher else another overlap session possible.
Immediate support for next session 24760-24780. As long as this holds buyers could continue this slow drag higher and once sustains 24840 major resistance then support moves to 24795. Not able to hold these supports could drop to VAL/PDL zone.
Levels wise, not able to stay below 24785 and move above 24810 could get 24840/24870-24880 then above 24885 could get 24915/24950/24990.Not able to stay above 24860 and move below 24805 could get 24775-24760 weak below that for 24730/24700/24670 quite weak below that for 24640-24630/24600/24575.
Charts and data :
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.
Comments