NF had FA and neutral day close in last session and buyers expected to seek higher further..They had a flat open and pushed higher above PDH but failed to hold and gone for all day liquidation then ended up as overlap session.
NF looks tiring now and left poor high at top. That climax move after series of FAs and Neutral days didnt materialise today and negated last neutral day auction now..Buyers next need to defend 17480-17500 zone and should seek to clear above 17600 for that rally higher.
Two days of nice overlap balance now..Likely to have another overlap session next if fails to sustain last two days range, being first day of series which is starting with decent premium.So, possible to have some good inventory loading session.If gets volume and sustained move from IB range then could get momentum that side.
We had printed outside week yday and moved away from 8days balance range..Now, today again attempting back to enter in that range and also closed at lower quad of last two days range..Its weak close..If buyers not able to push higher but sustaining below 17480 means could get liquidation move towards 17420/17320 zone.
Swing wise 17480 support now..If that goes means long bias can wait..Swing short levels will update tomorrow after seeing tomorrow first day of series auction.
Charts,data & Hypos :
Data of next month contract :
Hypos :
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.
Comments