And without some consolidation around those above mentioned levels, which will get dragged up along with the price, and which I'll track as we go, this move too will be false false false.
How long will the falsity last....who knows.
Those levels being referenced above were then at
2380-2390.
Well...NF did pullback to touch
2370 briefly and rallied on. No consolidation though. With today's gap up, that area has now shifted sharply to
2525-2535 levels. (Please note that these 'zones are a moving target, shifting with price action)
Two things happened in the gap up tonight.
First, I have a trendline drawn on my charts which in its brief history has been repeatedly respected from below but not breached. NF gapped right through it tonight.
Whether this may be seen as a bullish sign, or just another gap waiting to be filled, is a matter of conjecture. (Gap-filling means not a lot currently, and I don't believe anyone's tracking gaps at this time.)
Second, and this is the important one, is that, in the sharp leap, NF left behind the second PP zone up (first one was mentioned above, yesterday).
This second area as of tonight is at
2585-2595. (NF at
2689 )
And further, the closing price of NF (
2689) sits right at the next zone up, the third one, which as I've written earlier, is the real sticky zone.
So now, yet again, NF appears to be trapped between the two zones written above, and from what I have studied in the past, there is usually no easy escape from these, and they catch up with price sooner than later. And to add, there was not a lot of consolidation to begin with at the levels mentioned yesterday either.
I' not calling the market, but those zones written above are all well below the closing today. That's just what the charts say.
One more thing, I'm aware all the posts containing all those zones may well confuse the readers and so, may be quite meaningless. They are not even static support/resistance kind of levels.
However they do make sense to me, the reason I post them.
The few who attempt to follow them should perhaps write them down for easy reference. When the levels shift, as they always do, I will mention them as 'before and after' kind of thing for easier tracking.