Daily market summary for NF and charts, data for NF & BNF -08Jan’21

NF ended as balanced profile on Thursday and rejection of value area was for a trend. NF held above POC and probe above 14275 was for 14310/14350-370. NF gone for this probe fully with all day grind and spike at close.

Pointers from the day :

Due to lower volume day and losing momentum at top and closing at lower quad on Wed and Thursday wanted to wait for a day to decide about balance.NF negated this view and gone higher with daily extension handle at 14280..This becomes swing support now for next move up.

4days of one time frame up and closed higher with spike close.Spike rules in focus for next session.Spike zone 14340-14379.

Value in spike = bullish for a move later upside

Acceptance above spike high = quite bullish

Acceptance below spike low = weak

NF has started next move above 14280 here with absolute weak low at 14078 and the way 14310 saved on Friday auction to get spike higher looks mechanical. Tagging along with long side now got higher risk attached with this structure and we need better follow through in next session from buyers.

Price wise,above spike high 14380 could get 14420-14440 if sustains then 14480-14520 probe possible.

Failing to sustain above 14400 and acceptance below 14370 could create value till 14325 zone and weak below 14325 for 14290 if sustains then 14240/14210-14180/14140/14100/14080 probe possible.

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