Previous session was Multi-distribution trend up profile which had price running ahead of value, and hence buyers are required to sustain an upper distribution HVN(High Volume Node) 20790 to continue trending up. Buyers did this today; NF opened above PDH then tested upper distribution HVN and got drive-up, which cleared IB(Initial Balance) high. From 20940 levels, NF got initiative selling, which was able to neglect morning trending move but fail to clear PDH and enter into Yday profile. From the previous day high zone, buyers took control again and did a one time frame up move to mark the new day high and closed at day high.
NF printed NV up balanced profile with poor value area today. Trending up move from PDH to new day high after a sell-off printed quite a poor value. 20815–802 is minor buying tail today and 6th day of one time frame up.
With today’s poor value area and 6th days of one time frame up, this move is now stretched. Another trending move higher without repairing today’s poor value area looks difficult. So focus on buyers ability to sustain above 20900–880, which is POC( Point of Control) & VWAP zone, and scale above PDH and stay higher to build value higher. Failure from buyers means an overlap profile and chop back below 20860 VAL (Value area low) to repair poor value area. Below 20800 PDL some liquidation possible to test extension singles 20758 / 20715 from Dec 4 profile. As long as 20710 holds no major sell-off odds.
Swing wise bullish negation now at 20690. Odds are there to probe 20990 / 21110. Once 20690 goes means initiative buyers are not defending which could get balance in larger time frame than straight reversal.
- Bullish hypos
1] Holding 20900 + above 20950 → 21015 / 21060
2] Fail to sustain below 20860 + above 20900 → 20940 / 20965 / 21015 - Bearish hypos
1] Fail to sustain above 20960 + below 20920 → 20860–840 / 20790 / 20755
2] Sustaining below 20880 is weak → 20830 / 20790 / 20755 / 20710
