Daily market summary for NF and charts, data for NF & BNF -18Nov’20

Higher value day closing at dVAH yesterday gave advantage to buyers. We also have observed that it has left poor value area in a narrow range lower volume day. Failing to follow through higher and open auction in the range means expected repair of poor value before clean move. NF gone for this repair auction in first session. It has opened inside range and left weak high at PDH and then gone down to clear entire value area.

Failing to sustain above 12890 was expected to get 12835-12820 and this has happened in first session. Next scenario was to look for failure below 12840 to bounce back to 12870/12890 and quite bullish above 12890 for 12920/12950-12960..This has happened in second session.NF failed to sustain below VAL and left low at 12833 with exhaustion then had a move to 12870-12890 and further moved higher later via extension and then spike to close at high at 12965.

Auction pointers from the day :

NF after leaving out of balance above 12765, now got second day of one time frame up.But it was straight third day of lower volume than average..90L vol against 10days average of 125L today.

Today's imbalance in second session again via poor structure as imbalance happened from dVAL..As mentioned earlier, initiative move via imbalance from POC/VAH zones suggests better commitment. Imbalance from lower end of balance mostly opportunistic and not for committed extended play.

Above two pointers suggesting NF longs should be cautious and tightly trailed.

NF had extension handle on intra as well as on daily time frame which is now good ref going forward.

NF registered Neutral extreme day and VWAP becomes another imp ref going forward.

So, with above two pointers 12890-12910 becomes good swing support from here onwards.

NF ended with small spike into close.Spike rules in play for next session. 12945-12965 spike zone.. Acceptance above spike high = bullish ; overlap in spike zone = bullish for later upmove ; Acceptance below spike low = weakness.

As mentioned in commentary, NF yet to complete upside probe with the auction it has left by close.

NF needs to hold 12920-12940 zone for open session tomorrow to get 12990-13010 and sustaining 13010 is further bullish for 13050-13060/13090.

Failing to sustain above 12965 could test 12940/12920 if sustains then 12890.Quite weak below 12885 for 12860/12830/12790

Charts and data :

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

Notes :

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