NF had a spike down close in previous session and spike rules were in focus. NF opened higher and held above spike high which lead to short covering drive. Above 14990 probe was for 15070 which happened in IB itself and above 15090 considered quite bullish for 15160 and NF made a move to 15145 first then after balance closed with upspike probing above 14220.
Auction recap :
NF had large buying tail then tight balance and got extension further with spike into close..Buyers in firm control all day and closed higher.
Spike rules again in focus. Spike zone 15145-15220
Accept in spike = Strength for later session ;
Accept above spike high = Bullish ;
Below spike low = Weakness
Volume and inventory was good from buyers and 15120 solid ref going forward after this auction in coming sessions to defend by buyers.
After seeing buyers failing below 15030, expectation was to have balance in 14800-15200 range and NF shot up above 15200 now making dent in this view..In next session, if they sustain above 15200 with value then balance view gets negated and imbalance up could happen for coming sessions..Failing to sustain with value above 15200 and accepting back 15120 brings back the balance view.
Price wise for next session, above 15220 probe is for 15260/15295-15330. Quite bullish above 15345 for 15375/15415.
Weak below 15175 for 15150/15130 and quite weak below 15120 for 15090/15060/15035/15010/14980.
(Larger view based on weekly/monthly structure available only to members).
Charts :
Daily
Weekly
Monthly
Data
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
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.
Коментарі