NF had a short covering profile in last session.Buyers of yday session expected next to defend 19200 else liquidation towards 19160/19120 expected. NF had a open at PDH failed to hold and clearing 19200 probed 19120 then bounced and rejected again at morning tail then closed at dPOC.
After back to back short covering profile, today printed long liquidation b profile.Sign for balance to emerge.
Large selling tail.Could act as resistance to hold down auction.
3rd day of one time frame up.
Sellers for next session should defend 19170 and sustain below 19120 for more downside..Failing to do so could have overlap auction in today value area and even could go for testing selling tail at top then could come down later.
Swing now immediate resistance 19250 and negation for short view at same 19310. Preferrable scenario now balance and move down towards 19040/18975-50 then clear that for more downside.If we get move upside then should see rejection around 19250.No short view if 19310 taken out as odds of rally to 19365/19410 possible then could see rejection.If we accept above 19420,clean move towards 19550/19640/19850 could take place.
Levels wise for next session, not able to stay below 19120 and move above 19140 could get 19165/19195-19205/19235-19245 and more bullish above 19255 for 19280/19310. Not able to stay above 19165 could drop to 19120 if accepts 19095 probe and weak below that for 19070/19040 if sustains 19015/18975 possible.
Charts and data - Daily and monthly :
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