NF closed with minor spike down testing large gap zone on 2nd day of one time frame down last session. Sellers if committed then they expected to defend 16510-540 and get drive down for more liquidation towards 16420 and below..Failing to stay below 16480 and back above 16540 expected to have some chop then probe was marked for 16580/16650/16680. NF had a open test drive down holding 16510 and moved only till 16440 and drive got failed and quickly moved to 16540 in IB..then later had that slow skew and finally ended the day with probe till 16660+.
Buyers from old gap zone responded today with solid double print buying tail.This tail zone now good swing support.This lead to double distribution trend day up closing at high..Buyers had full control till close.
It was outside day + DD day with rotation factor of 15 and volume was below average for such auction.That time correction was expected for few sessions and NF on that till now.6 days balance as of now...All info explained in this para suggesting, NF need a clean initiative move again to sustain higher to get a rally in next session i.e, lot of effort required by buyers of today next to sustain above 16710 with value.Not doing so, could go for overlap session next.
Swing view mentioned to wait for shorts as sideways to bullish for 2-3 sessions expected..Focus for swing today to see how good they stay below 16480.If they fail below 16480 and moves above 16550 then swing long was suggested with 16440 negation to get 16610/16680.This swing got 16668 today from 16550. Prefer to wait for swing now to see what happens next from event tomorrow..Swing support now at 16510 to remain bullish.
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 :
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