Daily market summary for NF and charts, data for NF & BNF -29Oct’20

(As the adjustment was not much between current and next contract sharing all info with current contract ref numbers only)

After having trend down day yesterady with POC at lower disbn + outside day with above average volume + close at dVAL of weekly, expectation was to look for weakness..NF had a gap down below PDL and probe below 11650 was for 11610-11590..NF got this early in the day then gone for closing gap. Failing to sustain below 11675 PDL of outside day and capturing POC 11730 was considered bullish but NF whipped around this 11730 with 11740 high and later confirmed FA at top with a move back to IBL zone..It could not sustain below IBL and closed around dPOC after a neutral auction.

NF printed a neutral day failing to sustain beyond IB extreme both side and closed at dPOC..Its picture perfect gaussian profile with inventory fighting at both end for balance hence move away from this balance via imbalance possible in next session.Since its a neat balanced profile as well as neutral day, sustaining this profile = trend ; failing to sustain and accept back = probe back entire value area..

NF has established a clean value below outside day and effort to enter into prev session range is rejected with large tail at top with failed auction..So, with this lower value and FA at top, its sellers job to look for follow through down..Failing to do so and giving up this FA at top could get solid reversal upside.

On a lower value day with FA at top, buyers still managed to save the IBL zone and printed tail at bottom and cleared VWAP intra day and closed at dPOC..Due to value lower + settlement inventory adjustment factor, this auction is less reliable as of now..To make this reliable, they need to save around VAL zone tmw and push higher above 11700 tail zone to get a neat follow through upside..If VAL is gone, then sellers could take control again.

Price wise, failing to sustain below 11650 and move above 11690 could get 11720-11740 and bullish above 11740 for 11780-11810/11850/11890.

Failing to sustain above 11690 could test 11665/11640/11610.

Weak below 11610 for 11580-11570 and quite weak below 11570 for 11550/11510/11450.

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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