NF had left poor high at top and weak/poor low after 5days of one time frame in previous session. NF gone for gap up and remained within narrow range and closed at dVAH.
Pointers from the day :
NF printed ATH day with 80 pointer range day with just 64L volume (77% of average).. Probable Island if we gets follow through from this profile on downside..If starts accepting above, negates island set up.
It has got failed auction at low i.e,breach of IBL failed to sustain and gone for IBH.
It was neutral day closing at dVAH.
Above two info suggesting buyers control and they need to defend VWAP/IBL zone for next session for further follow through higher.
Mentioned in last report that we have got weak/poor low at 15300 and rally carries a risk associated with it till weak low zone gets repaired. Follow through profile now has got lower volume narrow range and yet to instill confidence for longs to seek for rally.Focus for next session is to look for any fresh leg with drive or gap with volume else will stick to same view of risk attached with longs.
For next session, 15440-15460 support zone to clear weak high at big round number 15500 to get 15530-15540/15560 if sustains 15595-15605/15630-15650 probe possible.
Failing to sustain above 15500 could drop to 15460-15440 and weak below 15440 for 15400 and quite weak below 15380 for 15335-15325/15300 if sustains then could get 15240/15210-15190.
Charts and data :
Daily
Weekly
Monthly
Data
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
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