Daily market summary for NF and charts,data for NF & BNF -14Oct’20

NF had a inside day with two days balance..Balance rule was in focus for the day..Move away from balance was expected to give a trend and sellers ref was 11910..NF had open rejection reverse down from this ref zone and gone for clearing longs below 3day low 11865. Move below 11910 was expected to probe till 11840 and this has happened in IB time..

Later NF gone for long liquidation profile with tight lower value.. Move below 11830 was expected to get 11780 but NF failed to do so with volume imbalance at low 11817 which later turned as failed auction.Failing to sustain away from balance and back in balance was for entire value probe till 11980 which has happened via spike into close and NF probed entire range of last two days balance.

Pointes from today’s auction :

NF has printed a neutral day with spike..Spike rules apply for next session.

Spike zone – 11915-12003

Staying inside spike with value is bullish for move higher later..

Move away from spike and accepting higher is bullish for higher objectives.

Acceptance below spike low is weak.

NF stopped one time frame up on daily time frame after 12 sessions.

Neutral day auction of today suggests either a fresh leg upside or some balance..With outside day nuance ( probed below PDL then PDH), bias is for some balance here before making next move.12050-12065 zone max to have this view after a outside day.If we sustain above 12065 then it could set for another rally than making balance.

11890-11910 good support now for next few sessions and then 11830 to keep the trending current month auction intact.

Price wise for tmw, bullish above 12005 for 12030-12050 and quite bullish above 12065 for 12090/12120/12150-12170..

Failing to sustain above 12050 could go for two way auction in 11920-11965-12050 zone..

Weak below 11890 for 11865/11830.

Charts and data :

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

Notes :

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