NF had a wide range higher volume day and observation was that sideways to downskew for few sessions..On weekly part said auction was incomplete. NF had a open drive to complete this move at open today then bounced sharply..17090-17125 was kept as res zone for the day. NF hardly stayed above this at open and gone down.
Failing to scale this band and below 16995 probe was for 16950 then below 16935 probe was for 16875/16845/16780. NF gone for this move till 16850 then bounced. Failing to sustain below 16950 and back above 17020 probe was for 17125-17140 which happened as open test drive up. Then gone for all day two way auction to close around dPOC.
Pointers from the day :
NF left a clean large tail and then registered another good volume day of 120L against 10D average of 83L.Buyers should defend this tail zone going forward..16950 am keeping as ref.Any retest till this zone back is fine and below that weakness.
NF got some mechanical supports today and met with exhaustion around POC zone of Friday. Buyers if committed then should go for accepting above 17200 in next session. Else overlap auction could be expected.
16900-16950 zone expected to hold and give one bounce as per weekly structure.NF bounced from 16850. Considering the exhaustion today at top and then mechanical support moves, bias is to hold 16950 downside and 17250 extn handle of Friday upside and look for balance in this zone for a session or two..Anything beyond 17250 by value means buyers get more momentum upside..Below 16950 next round of liquidation move possible..Based on auction in coming days could change this views.Will update accordingly.
For next session, failing to sustain below 17060 and back above 17120 could probe 17155/17190. Above 17200 could move towards 17230-17250/17290. Failing to sustian below 16960 and back above 17020 could test 17050/17080/17120/17155-17165/17190.
Weak below 17040 for 16995/16965-16950 and quite weak below 16935 for 16890-16875/16845/16780/16745-16730.
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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