NF got extension handle and singles yesterday and that was ref for support today. As long as this holds, expected buyers to be in control. NF had a open high above PDH and gone for tight overlap in yesterday upper balance and could not accept below extension singles of yesterday. 15270-15280 support zone held and gone to clear morning high.Above 15345 considered bullish for 15375 but NF could tag only 15365 and came down to day low and then closed around VWAP.
Auction pointers :
NF printed 5th day of one time frame up.
It has left poor high at top and weak/poor low.
NF since yesterday establishing quite a high level of mechanical auction..Something to do with expiry inventory management. The zone 15270-15280 has given such mechanical support (9 periods have held this zone since yesterday which is highly mechanical) and with this poor/weak low, if we move higher in coming sessions then longs carry a higher risk..For next contract adjusted level is 15300 and we need a clear repair below this level.
NF left a poor high and got no secured high..This suggests, short term top is not done..
Above two pointers are giving conflict of information i.e, we dont have secured high and got weak/poor low as probe is required at both end..I prefer to give more weightage to expect for a repair of 15300 and below before betting on long side.
Refer image below for trade hypos for next session.
Charts and data :
Current month
Next month
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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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