NF had a clean short covering P profile on Thursday and above 15835 considered to completely negate bearish scenario. If sustains 15835 then expected a move towards 15855/15890-15910. NF at open probed till 15865 then got a quick rejection move to test 15765-15775 support marked for the session.That was one good quick whip. It held this support zone and then gone higher slowly towards 15890. It was second day of short covering which closed above dPOC.
Pointers from the day :
NF now turned back into large chop again with this acceptance above 15820. Move down towards last session tail zone got good rejection and that 15765 now becomes swing support now for coming sessions.
NF left a poor value area and closed above dPOC with advantage to buyers .They have to get gap or drive above VAH else could go for repairing this profile via overlap auction.
For next session, 15810-15825 support and holding this could test 15855/15890-15910. Above 15910 could get 15935-15950 and further bullish above 15960 for 15990-16020.
Failing to sustain above 15890 could test 15840 and 15810 and weak below 15810 for 15765/15740/15710-15690 and quite weak below 15670 for 15645/15620-15610/15580/15550-15530.
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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 :
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