Daily market summary for NF and charts, data for NF & BNF -15Jan’21

NF had a dPOC shift by close i.e, skew with buyers on Thursday with poor value area down hence expectation was buyers need to push higher earlier in session else repair of poor value area was the probe. NF had a open inside value area and could not scale above POC.This lead to open test drive down for a quick move.

14600-14610 was support and below that probe was for 14550/14490. With open test drive down, NF moved down to clear PDL and got this 14490 during IB itself. Below 14490 probe was for 14450/14400 but NF got stopped around 14470 and gone for balance in mid session then later cleared down to get 14400 and below and closed at dPOC.

Pointers from the day :

NF stopped one time frame up on daily after 8 days with PDL probe.Once again could not sustain one time frame up beyond that window of 8-10 sessions.

That observation of risk associated with longs and signs of distribution by auction structure since 14400 levels played out at close of week with close below dVAL now after having higher value week.

NF has left a large selling tail and pushed down dPOC to 14460 by close and close was at dPOC i.e, skew with sellers at close..Staying below 14490-14520 band they could look for further extension down.Failing to get follow through after such dPOC skew and acceptance above 14520 could lead to sharp short squeeze upside.

Large buying tail from 13th is taken out = weakness.

Price wise, 14490-14520 resistance for next session and staying below this, probe is for 14420 if sustains then could move to 14390/14340-14325/14290-14280. Quite weak below 14275 for 14240/14210.

Failing to sustain below 14400 could bounce back to 14440/14480-14520 and bullish above 14520 for 14550/14590-14610 and quite bullish above 14610 for 14660-14670.

Charts :

Daily

NF daily profiles broader view

BNF daily profiles broader view

Weekly

Monthly

Data

Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members.

Notes :

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