NF had a neurtal extreme down day in last session. 18300-18340 suggested as whip zone and acceptance above 18345 expected to get 18380/18420. NF had a open rej reverse up from 18300 then started accepting above 18345 which turned out a trend day to close at highs well above 18420 to almost test previous FA zone at 18490.
It was a 3IB trend day with decent volume and solid bullish data. 18550 solid reference for buyers to defend to look for more..If starts accepting below 18550 then back to balance.
Rotation factor of 16 move today and Nov sofar a balance as of now..If buyers of today really got commitment and the move is just not for expiry, then they need to build value higher above 18550 all session next then move higher.Weak below 18550.
Looking for 18550-18650 two way auction to build value due to this RF of 16 move and higher premium in next month about 140 points + higher volume in next contract than current contract. So, this requires some value building before next move.Once value created,acceptance above 18650 is for 18700/18740.Weak below 18550 for 18515/18480/18450.
Charts and data :
Current month
Next month
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.
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