NF on Wednesday negated excess to print ATH and got clean extension above June balance with gap up to print a short covering P profile.Buyers next to get follow through session, expected to get a push above this profile then hold above value area. NF got another gap (barring freak low) then got drive and had a slow trend day all session on Friday. Move above 19080 marked for probe till 19165 then 19230. NF gone above this to print 19270 then closed at high.
Slow trend day closing at high.
3rd day of one time frame up.
Gap up and buying tail again.
19000-19050 now solid swing support..
Levels wise for next session, failing to stay below 19240 and move above 19270 could get 19295/19320/19350-19365. Weak below 19240 for 19215-19205/19180-19170/19135-19125/19080-19065.
Weekly :
Weekly has printed triple distribution profile. 6 weeks of one time frame up now. 19000-19050 support for the week, 19140 pivot and 19350 roughly resistance..Failing to scale 19350 could retest 19240/19140 then balance higher possible and below 19140 could test 19050 then could see bounce. If sustains 19350 then slow skew higher towards 19500/19600 possible to end this leg then could come down for balance.
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.
Comments