NF had neurtral day with FA at low in last session. It was sign for end of auction and fresh auction was expected in next session. Accepting above PDH considered as buyers advantage. NF opened around PDH and held above prev day range with open test drive up. Upside probe ws marked for 14810 then till 14945-14965. NF got 14810 by IB period then turned into trend day to get final obj zone with high of 14960 and closed higher.
Pointers from auction today :
NF got buying tail and printed a trend up day. Emotional run up day i.e, inventory adjustment move again due to the fact rotation factor is at 16 and volume below par from average..As long as they stay above 14900 in coming sessions then this trend day could look for further move higher..If 14900 goes then we could look for repair of most of this days range.
Price moved 45 degree away from POC which is common in trend day..Buyers now in next session should get higher value to bring POC up..Failing to do so, price could run back to POC.
3days of one time frame stopped now..Swing wise we have repaired all poor structure and considered bullish if FA at 14620 takes out 14755 for 14875/14950/15050 and 14950 done now..Negation moves to 14850 for swing now and staying above 14850 could get the remaining swing obj 15050 and looking for mean reversion or balance from 15050 zone.Once probe around 15050 done, could move negation to 14950.
Price wise for next session, above 14960 could get 14985/15010/15045..
15045-15085 no trade whip zone. Above 15085 could move to 15130/15160/15190.
Failing to sustain above 14990 could test 14945/14920-14900 and weak below 14900 for 14860-14840/14810-14790/14760.
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 via private blog.
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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