NF printed a triple distribution trend up profile on Friday, and buyers needed to sustain above 21940 for clean range extn higher. Buyers got a gap up open and tried to do an open drive-up move but it failed and filled the gap. Later taking mechanical support from PDH, it bounced higher and most session remained inside IB (initial balance) with a slow skew up, and into the closing hour got minor range extn higher above IB high.
Normal variation up balanced profile today with another large buying tail. Third day of one time frame up move. New ATH on NF and closed at highs.
Buyers dominance continues, but volumes were on the lower side today at just about 80% of ten day average volumes. Buyers next need to scale over PDH 22150 keeping today’s buying tail intact and bring in volumes for another clean range extension higher. One retest of today’s buying tail is fine but buyers should not allow acceptance in buying tail and reject quickly from tail. Any acceptance in tail + moving below 22010 could get test of 21940 — POC (point of control) zone of Friday’s profile and below 21940 lower levels possible.
Swing wise still keeping bullish negation at 21850. As mentioned in the last report once 21850 goes means failed breakout confirmed which could achieve much lower levels. As volumes were on the lower side today, giving it another day of auction to raise swing negation higher.
