NF closed with back to back 2 days composite on Thursday. Staying below 18580 expected a range extn down and staying above 18635 expected a move higher to fill upper composite..NF whipped well both side and gone for another overlap session to deliver 3days composite then closed at dPOC.
Failed auction at low and closed as neutral center day.dPOC skew higher on composite of 3days hence advantage buyers. They need gap/drive higher next session.
18570 POC of 26/05 trend day defended now last 3 sessions and left FA also now which becomes swing support now.
Swing view for 18480 and below got negated now with probe above 18660.Weakness only if fails to sustain higher above 18660 and breaking 18560.
For next session, move above 18660 could get 18690-18710/18740-18765. If sustains 18775 then possible to get 18810/18840/18870-18895. Not able to stay above 18690 could drop to 18640-18620 if sustains then weak for 18590/18560 and quite weak below that for 18515/18480-18470.
Weekly :
Last week had a spike close with 3IB day and observation for the week was follow through post such 3IB day to probe 18675/18750-18780 and being that good res zone expected pullback from there to 18580/18520 then bounce higher for balance..NF gone for this move entire week probing 18740 first then dropping till 18550 and stayed in between to deliver clean bell balance narrow range week and closed at dPOC.
18660 and 18560 ref for the week..Stay above 18660 early in the week to get 18760-18780 zone and that zone need good volume to accept for further move higher else could could drop back to 18660-18630 and staying below that weak for 18560/18520-18480 which is good zone to bounce else 18420/18360/18300 possible.
Acceptance higher above 18780 could push to 18860-18890 which again could give pullback lower..If sustains then 18940/19010-19060 possible.
Charts :
Daily
Weekly
Monthly
Data :
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 :
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