NF printed short covering profile on Wednesday with not much of committed buyers at close from inventory point of view. Buyers who closed at highs if not defending 21440 expected move back to fill value area of previous session with a probe towards 21290. NF quickly started accepting below 21440 and moved till 21245 below VAL zone of last session then all day remained as long liquidation profile then closed above dVAH with bounce.
Selling tail and long liquidation profile.
Inside day. Back to back inside days now into large trend down day of 23rd range. Need to accept above selling tail of last session with value then get extn further from that value or should have drive and print short covering profile kind next..Failing to do so and staying below VAH of last b profile,could again drop to lower end of b profile and look for liquidation further down.
So, buyers need to stay above 21545 to get 21580/21610-21620/21660 and further bullish above 21670 for 21710-21730/21760/21800-21820. If fails to sustain above 21580 and moves below 21490 then could get 21460 weak below that for 21425-21415/21380/21350 if sustains below 21335 then 21300/21270/21220-21200 probe.
Weekly :
NF had a outside week and considered 21675 as pivot for the week. Above that expected a move to 21740/21840+ and below that pivot probe marked for 21550 then till 21310/21250/21200/21050. NF opened the week higher above 21740 but could not hold 21675 which pushed down till 21150 same day then remained inside that day’s range in short week.
Long liquidation week it is at close with close above dPOC.. Skewed dPOC down on weekly. Sellers need to push down early at start of week else overlap or short squeeze possible.21600-21620 resistance to start the week. Staying below this could go for a probe back to 21450/21400/21325 and bounce else 21250/21150/21050. Failing to stay lower and moves above 21620 could test 21700/21770/21840/21900. Strong res zone 21840-21900 to rotate down back to last week range..If sustains 21900 then 22000+ possible.
Monthly :
Monthly is hanging between either bell balance or long liquidation profile for Jan..Staying below 21650 calls for fill back till 21400/21200 and bounce else extn down further towards 21050 as spike down close for monthly..If accepts 21650 means back to 21800-21850 then rotate down else 22K+..
Charts and data - Current month :
Charts and data - Next month :
Weekly charts :
Monthly charts :
Notes :
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