The NF and the BNF stayed in the upper end 0f yesterday’s price move and mainly above yesterday’s vwap.
The resulting consolidation was a normal distribution and a bell shaped curve one day ahead of the expiry event.
It was also technically an inside day kind of move though not theoretically one on paper.
We spoke yesterday of the need to defend 6819. The lows were made at 6817 today.
However an ability to find new buyers above VAH kept the gains in check as the market rotated between the previous day highs and the previous day’s vwap.
However bias for the expiry remains up above 6819 mentioned yesterday and we should look for a trending move to come out of 6850 towards 6897 or 6914.
In BNF the 12940 level was defended and even here the auction did not follow through uo above previous highs.
We continue to be bullish into tomorrow for 13150/ 13240 with stops just below 13010 on a move above 13060.
On the lower side supports are the same at 12940 with a cross of VAH and PDH confirming the UP bias.