NF had a probable island profile + neutral day with FA and buyers expected to defend FA for next session. NF at open cleared FA and PDL zone but failed to sustain beow PDL adn whipped. Below 15440 expected 15400 probe but NF bounced off from 15410 and moved above 15460 support zone via open test drive up to clear BRN weak high 15500..Next probe was for 15540/15560/15595-15605 and NF gone till 15600 today via trending move in first session then turned into short covering profile at close.
Auction pointers from the day :
NF had a large buying tail – mostly short covering.
NF stopped one time frame up on daily time frame after 6days.
It printed outside day.
NF negated FA early in the session but then gone for short covering auction.
It was trend day till J period today then could not sustain and close as trend day but closed as extended P profile which resulted in poor value area.
All the above information are signs that NF is getting close to end of imbalance started last week and could get into balance in a session or two.
As mentioned under larger picture view in a weekend report, 15550 or 15650-15700 is the maximum probe with clues till Friday close and today’s auction surpassed 15550.But with today’s auction still same view that not expecting this imbalance to surpass 15650-15700 zone and looking for mean revertion to start in a session or two..View negates above 15700.
For next session, 15550 support to get 15590 if accepts then 15630-15650 probe and further bullish only above 15670 to get 15700-15720/15745-15760.
Weak below 15550 to get 15525/15500 and quite weak below 15480 for 15450-15435/15400-15390.
Charts and 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.
b) If images are not clear, click on them for enlarged view.
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