NF had a double disbn profile on expiry. 19510-19530 considered as resistance and staying below this expected filling back lower disbn of last session. Open auction made a whip above 19530 then attempt for this to move into lower disbn got rejected at open and then bounced above 19530. Above 19530 marked for 19560/19590 which they did all day then closed at dVAH.
Failed DD profile with mechanical lows from buyers..Poor structure and without repairing 03rd Aug lower disbn any rally from here is riskier for longs as discussed in closing commentary.
Buyers for next session should defend 19530 then sustain higher above 19590 for good move higher and failing to do so repair value area of last session first then move down into 03rd Aug lower disbn zone possible.
Levels wise, fails to stay below 19530 and move above 19575 could get 19600/19620 if sustains 19650-19665 and bullish further above it for 19700-19710/19740-19760. If fails to stay above 19625 and back below 19570 could get 19540-19530 and weak below that for 19500/19480/19450 if sustains 19440 then 19410/19380-19365 and later sustains 19350 means 19320/19270/19225 possible.
Weekly :
After 2 overlap weeks marked 19825-19840 band pivot for the week. Holding below this band expected move down to repair 19670 then sustains means weakness towards 19600/19520 then bounce else 19400 expected. NF whipped above 19840 at start of week but could not sustain then gone down quick to 19520 first then later completed 19400 then bounced higher.
Triple distribution down week clearing 2weeks low zone and then closed above dPOC of the week. 19530 pivot for the week. Buyers should defend this and move higher towards 19640-19665 which is solid resistance zone to reject..If sustains 19740/19810 possible which could again reject.Further bullish if sustains 19810 for 19920/19960.Not able to stay above 19530 could drop to 19440-19420 then hold else 19360/19270/19220/19165/19050 possible.
Weekly major support zone gone at 19540 so as long as staying below 19665 sell on rise till we get 19420/19360/19270/19165 as of now..19665 accepts with value means balance possible.
Monthly :
August started with clearing monthly support 19500. Not able to stay above 19840 and rotation lower clearing 19670 expected 19520 and more and It has done that sofar. As long as staying below 19700, monthly could see pressure of liquidation towards 19360/19270/19165/19050. If accepts 19700 then good overlap in July month range possible for few sessions.
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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