With a negative close in US markets and weak to flattish Asian opening in the morning, NF has maintained its reselience. After a strong opening and a good expansion move in the first 30 mins, it has started drifting sideways. Price action whenever expands or stretches away from its nearest EMA, it tends to pullback or move sideways so as to enable the EMA to catch up with it ! Most often it takes support at the EMA during this pullback/sideway movements and the prepare for the next move up or down!
It wont be of much surprise that this sideways movement might continue till the European markets open.
Anyway below is the NF hourly chart which is self explanatory;
As of now a close above and holding above 7935 is important to test the strength of the Bulls.
Simply put the MOJO lies above that !!!
Cheers !!!
It wont be of much surprise that this sideways movement might continue till the European markets open.
Anyway below is the NF hourly chart which is self explanatory;
As of now a close above and holding above 7935 is important to test the strength of the Bulls.
Simply put the MOJO lies above that !!!
Cheers !!!
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