NF had a 3–1–3 profile on Thursday. On Friday, it opened higher above the 3–1–3 VAH (value area high) and did open drive up move clearing stacked highs at 21810–830. Later entire session it did trending auction higher and printed triple distribution trend up profile which closed at VAH of the day.
Triple distribution trend up profile + Large buying tail + Intra dev value shift higher along with dPOC ( dev point of control) skew up into close. Clean bullish setup. Only concern is this trending auction happened in previously traded large balance zone and NF has done retest of excess selling tail which was printed on Jan 1, thus 21850 VAL (value area low) is negation for this bullish setup. If 21850 goes next session itself means it is not yet ready to move out of large balance or if NF moves higher first above 22030 then scale below 21850 means failed breakout odds.
After triple distribution profile buyers should get a open drive up scaling over PDH 21995 or better get a gap up open and once done should not move below POC 21945 for clean range extension higher. Below 21940 odds for test of LVN(low volume node) / Extension handle at 21890; VAL 21850 then could go for test of buying tail at 21815–800. Buyers ability to sustain above 21940 to monitor the entire session on Monday; otherwise, odds favor sellers taking control.
- Bullish Hypos -
1] Sustaining 21940 + above 21995 → 22035 / 22060 / 22105
if sustain 22110 then 22175 / 22200–210 / 22290
2] Fail to sustain below 21890 + above 21950 → 219980 / 22010 / 22040 - Bearish hypos -
1] Fail to sustain above 22010 + below 21940 → 21890 / 21850 / 21810 - 770
