NF had neutral extreme down day with spike down in last session. 17440 and 17480 zone were marked as resistance..NF opened above spike high zone but could not sustain and rejected from resistance zone 17480..Later started accepting in spike zone after open drive fail. Failing to sustain above 17440 and break of 17400 was marked for probe of 17370/17340-17320.NF gone to probe this in first session.
Later failed to sustain below spike low of previous session and started bouncing.It was making nice balance in spike zone for good time but later towards close cleared IBH to print another neutral day and closed with spike up at day high.
Pointers from the day :
NF accepted in yday spike zone with clean value but towards close gone higher with spike up. Buyers edge at close. They should get gap/drive else mean reversion back in today's value area.
It was another neutral day. Back to back 3rd neutral day. Volatility could increase from here as buyers and sellers fighting for value.
2rd day of one time frame down post 17800 excess.
Due to spike, NF travelled 45 degree away from dPOC. Buyers should make sure they get higher value session to pull value.
It was spike up into close. 17530-17569 spike zone. Spike rules apply for next session. Hold above spike high = bullish ; value in spike = bullish later ; accept below spike low = weakness.
NF had a incomplete auction at low yesterday.It cleared that low and made new low and left failed auction at low today.17375 swing support now.
Swing shorts from 17560 tagged first obj 17430 and remaining obj are still open at 17200/17070. Negation can be moved to 17610 now.
For next session, 17520-17530 support. Holding this and scaling above 17565 could get 17590-17610 if sustains then 17640/17675 possible.
Failing to sustain below 17470 and back above 17530 could get 17565-17580/17610.
If fails to sustain above 17610 and accepts below 17560 then probe is for 17520 and weak below 17520 for 17480/17450 and quite weak below 17440 for 17410/17375/17330/17300/17265-17250.
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 :
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.
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