NF had a inside day last sesion and observation was that shorts didnt go for squeeze despite bounce at close but added more. Odds were there to rotate down to VAL and PDL. NF got clean large gap down right at large excess tail support zone 24200-24250 from budget day. It could not stay below 24200 and got open test drive up first to close gap then remained higher to close at dPOC.
Buying tail and double distribution trend day up.
dPOC extreme skew at high = buyers advantage at close. They need gap/drive up else some overlap in upper disbn then should see bounce..If clears extn handle then rotation back in lower disbn to test buying tail zone. Once got clean extension higher above PDH should not come back below POC zone.
Levels for next session, move above 24490 could get 24530/24570 and further bullish above 24575 for 24605/24635/24680-24690 if sustains more upside possible as per hypo given. Not able to stay below 24410 could overlap higher back to 24450/24490 then further move as mentioned above. Failing to stay above 24570 and moving below 24470 could get 24435 then bounce else 24400/24365/24335-24325 if stays below 24315 then more weakness towards 24275/24245/24210.
Charts and data - current month :
Charts and data - Next month :
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.
Comments