Daily market summary for NF and charts,data for NF & BNF -07Oct’20

NF in yesterday auction has accepted half of previous extn singles between 11620-11780 and had a spike close higher.Observation and focus for today's session was, holding higher value above spike, probe was for 11780 naked POC zone. NF had a open test drive at open and then had a value away from spike in first session and finally did this probe of 11780 almost today.

It was another higher value day and 8th day of one time frame up and closing above dPOC.Very very rarely we have got one time frame up stretching beyond 8 days and NF at this juncture now.Odds are increasing for one inventory adjustment pullback.Acceptance above 11820 could ditch mechanical refs and rally again further.

NF accepted spike from yesterday session.11610-11590 zone becomes swing support now..

NF has left a poor value area due to that chop in 11700-11745 zone..Failing to sustain above VAH/PDH could call for a repair of this poor value area till 11710 as well as unfinished job in profile till 11680 zone.

NF shown some mechanical auction today on 08th day of one time frame up..To avoid repairing this mechanical refs and move further higher, esp with next strong over head supply at 11820 zone, buyers should look for drive and hold at open or gap else scaling and sustaining 11820 could be tough ask via intra auction..Watch for this factor at open session tomorrow.

Price wise, 11740 is flip zone tomorrow..Open inside range and scaling below 11740 POC could get 11710 VAL and then 11680 and weak below 11680 for 11650/11610 probe..

11740-11760 holding in open auction or open above 11780 PDH could get 11810-11830 zone and if value created higher then 11880 probe possible later in the day..

Failing to sustain above PDH and move below 11760 could get 11710/11680..

Chart and data :

Detailed plan with refs to carry forward, trade hypos and nuances from the day available to members.