NF closed with dPOC skew down then closed at dVAL suggesting sellers advantage on Thursday..They needed drive or gap down. 17450-17460 considered ref for them upside for next session..Acceptance above that short squeeze expected.NF opened above 17460 and started getting drive with higher than average volume which lead to clean squeeze then turned out as dd trend day then closed at dPOC. Upside probe marked for 17520 above 17460 then 17620 above 17520. NF travelled way above 17620 till 17720.
Large buying tail and DD up trend day..Close was seen with some profit booking hence closed slightly below dPOC..Buyers for next session need to save this upper disbn and look for probe higher..Accepting below upper disbn could go for repairing this double disbn profile.
Solid anomaly profile hence without repairing this profile not expecting any big rally on swing. Max one more push then looking for repair of this profile. For that push, its imporant for buyers to defend upper disbn and go higher first.
17700 was the level suggested for reversal.NF now moved away from 4days balance and reached this zone..Buyers if start accepting above 17700 with value then next push upside possible towards 17800-17850.Immediate support for them for next session is 17600-17620 and once started accepting above 17700 with value negation moves to 17650.
Today’s profile tilted auction now and immeidiate large downside move deferred..Either balance or one more push up now possible before breaking 17400 again.
Levels wise for next session, not able to stay below 17630 and back above 17665 could get 17710 and sustaining 17720 could get 17760/17790/17820/17850. Failing to stay above 17690 and move below 17660 could get 17630 if sustains 17590/17550/17520/17475-17450 possible.
Swing short below 17600 with 17720 negation for 17535/17475-17450 zone. Swing long would like to wait and see if they are going for one time frame up to decide.
Weekly :
Last week delivered double disbn down week with clean extension.Considered downmove holding extn singles and res marked at 17620 to get 17450/17350/17200. NF gone for this move first and gone for balance and spiked higher now from 4days balance.
17600-17650 good support to start the week.Holding this means could look for overlap to higher skew move towards 17800-17850 and that is quite strong resistance to accept further hence could rotate down to test Friday profile zone for repair. Next leg if sutains 17850 could move for 17920/18000-18020 and maintaining same view as mentioned last week that till we stay below 18020 considering sell on rise on weekly first on a move towards 17800-850 expecting rej or towards 18000 then rej to rotate higher.Weekly would consider reversal only above 18020.
Failing to stay above this Friday profile and 17600 goes means 17530/17450-17400 possible and quite weak below that for 17280/17230/17150/17050.
Monthly :
Two months of overlap balance now and same bias on monthly to look for extension downside holding below 18050-18150 on monthly time frame towards 17200/17050/16600. Month has started with reverse b profile of weekly and they need to now hold 17600 to get higher value week next then one time frame up on weekly profiles to clear 18150 to turn bullish on monthly time frame. Till then sideways to downside on monthly to retest 17400 and below.
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 :
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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