NF had a short covering profile with spike close in last session. Buyers expected to sustain higher above 18315. Failing to sustain higher above 18340-360 band and back in last session range expected to test spike base 18255. NF got a clean gap but could not sustain the gap and gone for quite a tight balance with lot of rollovers today around spike high zone..Later dragged down almost to test spike base and closed lower.
Painful days of auction is continuing..NF just printed lowest range day since 15Sep'21 if we remove freak tick above 18342.
Not by book but technically neutral extreme down close if we remove that morning freak high.
18300-18340 zone saw heavy rollovers today all day..This is now whip zone..Buyers need to accept above 18300 to 18340-18345 if sustains then bullish for 18380/18420+. Sellers need to reject this band and sustain lower below 18300 for 18255 test if sustains then 18220-18195/18150/18120 probe possible.
Swing view suggested balance and same is on.No diretional bets now for swing.
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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