Yesterday auction of NF suggested no real supply and observation was that only weak longs after gap up got cleared.Due to this factor of long liquidation and then poor value area, expected overlap in last two days range in today’s session. 15190 was kept as support ref to test 15255 if sustains then expected 15295/15330.
NF had a open drive but could not sustain below POC zone and due to lack of supply bounced from 15200 to get 15255 and then 15295 early in the day. Later gone for tight balance for entire session with stretched high to 15325 and then closed above dPOC.
Pointers from the day :
NF had buying tail and then extension handle today to mark a skewed value higher.This extension handle at 15250 before settlement day makes this as important ref for coming sessions..
It is 4th day of one time frame up.
This extension handle and skewed value suggested buyers were keen today to keep the price higher till close and arrested the dips in this tight range balance at upper quad. If these buyers are well committed then this tight range value should get a quick follow through via drive or gap in next session..Failing to do so, liquidation break could happen. As long as extension singles/handle of the day holds, buyers in control for next session.
Price wise for next session, 15270-15280 support if holds then 15330-15340 probe possible and above 15345 bullish for 15375/15415 and quite bullish above 15415 for 15460-15480.
Weak below 15270 for 15240/15210-15190 and quite weak below 15180 for 15150/15130-15120 if sustains then 15090/15060 probe possible.
Charts and 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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b) If images are not clear, click on them for enlarged view.
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