NF left FA at top in last session and buyers to survive next needed a gap/drive..They got gap and then all day held gap and gone for higher value then closed at high.
5th day of one time frame up.
Gap up and drive then minor spike close..17995-18005 buyers need to hold for next session to move higher.
NF negated FA of last session.
Narrow range and one of lowest volume days of recent months..NF clearly losing momentum with range shrinking and volume drying up.And, meeting the weekly/monthly res zone 18050-18100 with such move means any time could give up all the gains made from the sluggish move of these sessions..Value above 18100 next with volume could start fresh leg move..
Swing view not recommended for long with above said sluggish move even if they sustain 18100..Am looking for one clean pullback towards 17850/17650/17500 zones.Will watch for one more session if they bring in momentum to stay higher above 18100 to move towards 18300.Swing short could initiate below 17990 with negation of 18140 for 17890/17810/17730/17650.
Monthly : October closed as inside month and clean 3months composite close now..Current month ended with weak spike close with lower volume from 17650 zone. Nov looking for retest of this entire weak spike zone of Oct first before any further meaningful rally.17550-17450 quite good support for the month..Repeated attempts and acceptance below this band is for a probe of 17200/17050-16950.
Charts and data :
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