Daily market summary for NF and charts, data for NF & BNF -11Jan’21

NF had a spike close in last session..It got a gap up above spike high and made above average IB range and then all day just gone for filling IB range to deliver a nice balanced profile. Effort to extend IB range could not get nice follow through either side and NF closed at day high.

5th day of one time frame up closing at day high.

Neutral auction profile with with FA at low.

Nice balanced auction profile. Defending value is for trend and failure to sustain beyond and acceptance in value is for entire value area probe.

Have mentioned yesterday that risk is increasing on long side for NF.Another day of same view due to the fact gap up could not sustain to get a follow through and all day managed to auction within gap+IB range despite higher volume than average. Signs of distribution from last 3days auction. As said under weekly structure observation, looking for a mean reversion move with the underlying structure from this 14500-14600 range.

Being a neutral auction balanced profile, 14465-14440 support zone for tomorrow..Sustaining this zone could test 14500-14520/14550 if sustains then further bullish for 14595.

Failing to sustain above 14500 could drop back to 14440 and weak below 14435 for 14400-14380 if sustains then could move to 14325/14280 and quite weak below 14280 for 14240-14225.

Charts and data :

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