NF printed a neutral day yesterday and sellers if wanted to survive observation was that they had to stay below 14990 early in session today as value was higher with poor value area. NF opened flat and sellers got follow through down below PDL. Below 14950 considered weak for 14890/14865 which happened in IB period then NF had a bounce back to IBH/day high which could not sustain..Later NF broken IBL again and gone for spike down into close for a lowest close of the week.
Pointers from the day :
NF printed FA at top which lead to neutral extreme down day.
NF printed back to back neutral day and closed at lowest point of week.
NF had spike down into close..
All pointing that sellers gone home with control for further follow through downside..
Spike rules in focus tomorrow. 14800-14740 spike zone. Acceptance in spike is weak ; Acceptance below spike low = quite weak ; Acceptance above spike high is reversal.
Last 3days of auction made nice balance and resolved on lower side with spike. Due to this nice balance of last 3days, its important for sellers to hold below spike high all day to avoid probing back in last 3days balance.If they could do sustain below spike zone, then Mar low 14650 zone could be probed minimum.If sustains then could go for solid sell off further.
Swing wise now any reversal upside is possible only above 14850 and that could be imbalance move..Till 14850 is held, skew is for downside.
Price wise, staying below 14760 could get 14710-14690/14650 if sustains then quite weak for 14550/14525-14480/14450/14395/14350.
14740-14820 two way auction whip zone..Above 14820 could test 14850 if sustains quite bullish for 14895-14910/14960-14980/15020/15070.
Charts and data :
Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.
Notes :
a) Check glossary page in website if any of the terms used in the post are not clear.
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