NF had outside day last session..Ref was 18710 for today and holding that buyers expected to get 18740-765/18800..Buyers gone for open test drive up to complete this move then could not sustain and gone for close at dVAL.
It was another short covering profile and failed trend day..Back to back days similar auction..Suggested balanced to emerge and today also same observation.
Buyers need to get early move higher above this P profile tmw else overlap possible.
Today there was some heavy distribution in upper quad which had pushed NF down for dVAL close and also left poor value area till 18770-18790..Holding 18700-18720 band could look for repair of poor value area next..And, above 18800 rally possible towards 18840/18890.
Failing to sustain higher above 18780-18790 band could drag down to repair poor value area till 18720-18700 and weak below 18700 for 18670/18640-18620.
Mentioned in last report that prefer a fill back till 18620-18600 large tail zone from 28/11, before any large rally.If today's heavy distribution at top holds for next session, then expecting this probe.
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 :
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