NF printed decisive profile with 7IB outside day down in last session.Considered as emotional liquidation and expectation was that 21120/21060/21020 any one of the zone to hold and push it back for pullback to 21290-21310/21380-21410 zone.NF had noisy open auction today after holding 21060 then once noise settled moved higher all session to mark 21380 at close then closed at high.
Short covering profile closing at high.
Left anomaly and poor value area due to lot of wide range two way auction all session.
Volume again almost matching last session second highest volume day for the year.Back to back such imbalance auction high volume days could lead to some rotational auction.
Accepted above yday spike high confirming yesterday move was emotional.So, larger time frame bullishness is intact now and that gets weaken only below 21000.
This profile need lot of repair. Buyers job for next session is to defend 21310-21280 all session and stay higher else overlap possible to repair today profile.
Defending 21310-21280 and move higher could clear PDH to get 21410 and acceptance there could get towards 21440/21470-21490 which is strong res zone for next session.If accepts then further move up towards 21535/21565-21580. Rejection around 21410 or 21470 could push back to 21365/21325/21290-21280 goes means weak towards 21250-21240/21215/21190/21160-21150/21120.
As mentioned in last report, clearing 21490 first sign to look for new ATH in coming sessions..Not doing so looking for balance roughly in 21490-21280-21120 zone. As it has to make sm balance to fill the back to back imbalance auction happened in last two sessions. Part of imbalance filled today and sm more balance needed to fill remaining zone.
Charts and data :
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