NF had a clean trend day in last session and closed at high with buyers back in control.Buyers had dPOC skew with them and expectation was move higher further holding above 17100. NF had a clean gap up. As we had large tail zone higher from old auction, expected a move to be slower and sluggish and NF done this slower skew all day and closed at high. Above 17165 expected probe was for 17235-17260 and this probe done today by NF in a sluggish move.
Pointers from the day :
NF got a gap up follow through post trend day and ended up with higher value close at day high..Buyers still in control.
NF negated most of the large selling tail from 17/12. Supply not showing up.
Swing wise 17230/17400 was expectation after a follow through from yday trend day. First one done and next one 17340/17400 going forward.
NF registered lower volume narrow range session with poor value area and anomalies..Best way for buyers to sustain further higher is to get gap or drive higher moving away from this profile else repair of poor value area possible in next session.
17200-17220 support band, holding this and moving above 17260 could get 17295/17330-17340/17365. If sustains 17375 then 17410-17420/17460-17475/17510 probe possible.
Failing to sustain above 17290 and back below 17240 could get 17210-17190 and weak below 17180 could get 17150/17120-17100 and quite weak below 17085 for 17055/17030-17005/16980-16960.
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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