Today was an Open Drive
After 2 failed drives in the past two weeks, this one has looked different though the NF has still not broken above the recent swing high convincingly.
But the BNF is different. And these charts show why :
When we see such single prints we know that OTF is in control of the auction and the drive is currently keeping the auction above previous swing high of 12380 F.
In an earlier post we had mentioned that the OI which dropped off had to come back to take the BNF higher.
This is exactly what has happened as that OTF in the MP chart shows.
Check this volume – open interest chart courtesy myfno.
With one hour to go for the close the reference line in BNF is at 12370 for these early morning longs.
Let’s see how we close out.