NF printed a Normal-day profile today.
Reference zones from today’s profile -
• Buying Tail = 22515 - 22567
• Wide Point of Control = 22605
Today’s auction was a normal-day auction i.e. the entire day was spent inside the initial balance range. Except for a minor swipe above the PDH, it is almost an inside day with a narrow range. ATH print.
Buyers managed to achieve a higher value session, with a significant wide point of control (POC) printed at 22605. Heavy volumes printed at this wide POC, making it a pivot. Any failure to sustain beyond 22540–520 at the lower end and 22630–650 at the upper end would attract back to this pivot.
In the next session, buyers need to hold the wide POC and scale above the 22630 zone for a probe towards 22710 / 22780. If it starts trading above the PDH, it should not scale below 22630 otherwise, possibility of retracing back to the other end of the value area towards 22580 and below that, there is weakness for a test of a demand zone, i.e., buying tail test at 22540. Sellers can only push for a probe towards 22450 / 22380 if there is acceptance below the 22540 zone. Based on the structure, expecting another overlapping profile.
