Previous session NF had Neutral Extreme up profile with intra dev value shift higher into close. Buyers needed to sustain prv session VAH for further move higher and buyers got this today. NF opened above PDH and gone for open drive up with good volumes marking IB range higher than avg. But later it failed to get meaningful IBH extension higher and entire session was spent in tight balance.
NF at ATH and printed short covering P profile with wide POC & close below dVAL. Large buying tail today. 4th day of one time frame higher. Buyers are in complete control of the auction.
This wide POC at 20377 imp reference for buyers. Next session buyers should look to sustain this POC zone + scale above PDH 20410 for further leg up and once above PDH should not move below this POC zone else good odds for overlap profile to test buying tail zone. For sellers sustaining below P VAL 20365 zone is crucial to look for generating value in buying tail zone, which could enable them to scale below PDL 20290 and get a probe of 20225–20195 VWAP / POC zone of Nov 30, which looks difficult for sellers considering the current structure.
- Bullish hypos for next session
1] Sustain 20370 + above 20410 → 20460 / 20515–530
if sustains 20530 → 20580 / 20620 / 20660
2] Fail to sustain below 20345 tail + above 20375 → 20415 / 20460 / 20515 - Bearish hypos for next session
1] Fail to sustain above 20410 + below 20365 → 20340 / 20315
2] Sustaining below 20310 → 20275 / 20250 / 20220–200
Swing view -
Previous week was inside week as NF spend 6 days inside Nov 16 profile range and got breakout higher on 28th Nov which was Neutral extreme up profile; solid breakout from there printing four days of one time frame move higher resulting in Trend up profile on weekly TF with value at 20115–20200–20410. This trending up-move likely to continue to get a probe of 20530 then later 20660 zone possible. 20170 now negation for this bullish view, as long as 20170 holds skew up higher odds and 20275 / 20220 support for buyers to hold. Below 20170 overlap on weekly profile and large balancing auction odds which could test 20060 /19920.
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