Trading room Plan for 19/03/14

The markets made it to the top of the recent balance and then fell for the rest of the day as new buyers did not show up at range highs


The result was a normal variation day in both NF and BNF and a market which traded below vwap and IBL for the most part.



The BNF put in a 235 point range as early morning buyers could not hold on to their positions and closed below vwap .

Shorts will stay as long as BNF trades below 12228 tomorrow.


However an Open above 12228 can mean a test of 12340/ 12370 again.


It’s the same marked in the profile charts above where a move below 12228 has seen 12010 and a move below 12010 has taken it to 11970.


As BNF is more voltaile than otherwise the levels are not  100% accurate, but serve as a guide for the auction.


In the NF we spoke of a move above 6355 at open taking us to the top of the balance near 6595.


That range was extended by 6 points as NF went to check for new buyers early in the IB.


However soon it was at the lower end of the balance at 6522 searching for new buyers again.


NF remains in the 5415- 6595 zone and as mentioned yesterday a move abpov e6595 to bring 6680 during this week.



For tomorrow 6563 remains a critcal level near open and in IB and we expect today’s afternoon shorts to close above this level.