NF printed a normal variation up; failed trend up day today.
Important reference zones from today’s profile -
• Buying Tail = 22055–22102
• Value = 22140(VAL) — 22213(POC) — 22238(VAH)
• Secured High = 22260
After a low-volume, narrow-range, balanced auction previously, buyers needed to get a follow-through; they got range expansion and value higher today. A developing trend up day turned into a failed trend day at closing hour and dPOC (developing point of control) shifted up during the session but, NF closed below it. Volumes were again on the lower side today, at just about 70% of ten-day average volumes. After such an auction, the odds for some balance and then slow skew higher.
Today’s buying tail is zone (22055–22102) is crucial for buyers to hold and then go for acceptance above POC 22210. As long as no acceptance below buying tail zone buyers have advantage. Swing support remains in the 22010–21980 zone.
So holding above swing support zone expecting slow skew towards ATH and more. Acceptance below today’s buying tail zone and moving below this swing support zone could be troublesome for buyers. If such a scale below the 21980 zone happens quickly without any probe above today’s POC 22210, then the last two days of low volume auction could be short-term excess at the top and NF could probe lower levels towards 21920 / 21880 / 21790.
