NF had a long liquidation profile with large selling tail on expiry day.Sellers next needed to hold below 19010 else squeeze expected towards 19040/19075-19090 and that zone was marked as strong res and goes means 19140/19180 expected. NF had a open drive with volume above 19010 with good squeeze all day and probed till 19160 then closed above dPOC.
Short covering P profile after 6days of one time frame down..P profile stopped that one time frame down now by clearing PDH.
Large buying tail which becomes support now.Acceptance below VAL of this profile could go for test of tail and accepts means create value in buying tail and could go down further.
Such short covering profile after too short move on daily time frame should get further follow through if they want reversal upside else its just a relief move which could look for balance.Since the day was failed trend day turning into P profile by close with some supply in upper disbn, odds of balance possible if buyers not getting above this profile next.
Swing has done 18950 probe. If 19090 minor resistance taken out then expected balance for few sessions. This scenario is on now with 19090 clearance happened. Roughly 18800-19200 for balance before next downleg move towards 18720/18600 and below. Negation for the view still at 19310. After a session or two, could consider to move it down.
Levels wise for next session,If fails to stay below 19040 and move above 19090 could get 19120/19150 and above 19160 could probe 19190-19210/19240/19280/19310.Move below 19095 could get 19070/19040 if sustains 19010/18975-18955/18920-18900/18870 possible.
Weekly :
Last week printed inside week closing at low with mechanically held at previous week low.Not able to hold 19510 early at the week expected move down towards 19360 and not having buyers response there further move downside towards 19200 expected. This week gone for trending week straight below 19510 towards 19200 and more till 18840 then bounced to close at dPOC of the week.
Trending week closing at dPOC = odds of balance possible now for the week as long as we stay above 18800 and below 19200..To start the week, support at 19080. Buyers should hold this and look for moving towards 19200 if sustains 19290-19310 possible which could reject..If accepts then 19410 and above possible. Move below 19080 could probe 19020/18970-18950 then should bounce back to 19070/19125-19150 else 18890/18840-18820 probe could be done then could expect bounce from there.Below 18800 odds of another trending week which could move to 18720/18600/18500/18400.
Monthly :
Holding pivot 19620, monthly was expecting downside towards 19400-19360. As volume and ranges were missing, 19360-19400 if we get expected a bounce.If 19360 goes means month expected to see range extension down. NF picked up volume reaching 19360 and breaking that got solid range extn down now.
Monthly now 19480-19540 solid resistance for next month.As long as we hold this, looking for more balance in lower disbn and then could look for further range extn down towards 18600/18400/18200..More balance in lower disbn but unable to get much of range extn down and moving above 19540 on monthly calls for solid reversal upside.
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
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