NF saw short covering profile in last session.Acceptance above this SC profile considered bullish.Above 18185 probe was for 18210/18240 then 18280-18295..NF got a open drive above 18185 at open which probed PDH zone 18240 quick then 18285 at end of IB period.
Later could not stay above 18245-18265 res band marked and gone down via liquidation. Failing to stay above 18200 and move below 18160 was expected to get 18120/18090..NF gone for a move till 18110 then bounced higher into close to print neutral day by clearing IBH and then ended up with spike at high.
Pointers from the day :
NF stopped one time frame down on daily after 5days with a move above PDH today.
It was neutral extreme up day with spike up close. Spike rules apply for next session. 18275-18350 spike zone..
Value in spike = bullish later in the day ;
Accept above spike straight = quite bullish with spike low negation ;
Below spike low = weakness.
After 3days of wild auction, NF moved higher today..Buyers got dPOC skew into close as well as spike.Still within last 3days range only by close i.e, we are now having 4days of balance.So, its buyers job from here with this dPOC skew and spike close to extend higher above 18350 with value.Negation for them at 18210 as swing..After such move today they should not give up this ref.
For next session, 18270-18280 good support. Any move down if any at start of session should hold this band..Holding this and accepting above 18320 could get 18350 and bullish above 18350 for 18385/18420/18445/18495.
If fails to sustain above 18380 and back below 18320 could test 18290/18260 and weak below 18250 for 18220-18210 and quite weak below 18210 for 18165/18130/18095-18080.
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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