NF had a nice 3days balance and closed weak at lower quad of 3days balance on Thursday. If buyers are committed then they needed to sustain above 17300. Buyers gone with open drive above 17300 in last session. Above 17315 probe was marked for 17360/17410 and NF probed this in IB period then after a IB extension remained as P profile till close and then settled above dPOC.
Pointers from last session :
NF moved away from low volume narrow range composite balance with a clean initiative move from buyers. Bullish.
Buyers left large buying tail from balance high and this tail is ref swing wise, for these initiative buyers who moved NF away from balance.17300-17260 swing support now.
It was clean short covering profile and buyers next need to get gap or drive away from this P profile for next upmove. Else overlap in this P profile/tail zone possible in next session.
For next session, 17370 support.Failing to stay below 17370 and back above 17420 could get 17445 and bullish above 17445 for 17490-17510 and further bullish above 17550 for 17580/17610.
If fails to sustain above 17440 and back below 17400 could test 17370-17325 and weak below 17300 for 17265-17250 if sustains then 17205/17185/17150-17130 if sustains then 17080/17050 probe possible.
Larger picture :
Weekly :
It is triple distribution week now with a quite wide POC around 17235. Last leg up from 17130 is on low volume for the third distribution happened this week. Not expecting anything above 17510-17540 band as of now which is quite stiff resistance. Staying below this band looking for test of 17300-17250 band and that could give a pause and pullback for a session or two to fill the third disbn left in this week.
Acceptance below 17200 could move to 17100-17050 max 16950 then could bounce back to continue weekly overlap or rally higher. For bullish case, stretch up to 17510-17540 first then pullback and then acceptance there could get 17650-17700/17800/17950.
Monthly :
Monthly in Dec ended as lower value profile and its second month of one time frame down but closed well above POC of the month with responsive buyers from 16850-16900 zone. VAH is placed around 17500.. So need to sustain above this for Jan..Failing to do so could be pulled back to 17250/17050 POC/VAL of Dec then could go for balance or rally higher again.Below 16900 quite weak for Jan to get 16600-16500/16200. Acceptance above 17550 in Jan could be pushed towards Dec POC 17950/VAH - 18150.
Charts :
Daily
Weekly
Monthly :
Data :
Notes :
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