Daily market summary of NF and charts, data of NF & BNF -02Aug'22

NF had a slow trend day yday with entire move having mechanical support..After such profile, buyers expected to stay away higher early in session else expected value area repair..NF all day gone for this value area repair via two way auction and finally cleared PDH which could not sustain then closed at dPOC.

After a struggle seen in NF auction yday observaion was that if 17290-17320 band goes then auction could turn into balance. NF cleared this band today early in the auction and delivered overlap profile confirming the view of balance is here.

5th day of one time frame up despite overlap auction with PDH swipe. Buyers if committed then should get next initiative move above 17375 holding same 17310-17300 zone again to test today high zone and once got such move should not come back to 17350.

As discussed today, am looking for skew down in balance from here towards 17260/17150. 2days composite now with large tail at low..Worst case they may look above this 2days range and then could rotate down to test this large tail zone at low then naked POC zone down around 17150 is the bias for next 1-2 sessions. 17500 negation for this view.

Above observation is based on slow trend day got failed today and still pulled higher with good volume but data not backing up the move higher..So, possible distribution is on in this 2days overlap so looking for good pullback from this overlap auction now.

Swing long after meeting 17340 in yday session moved negation to 17290 to look for 17480-17520. This view is over now with 17290 negation today. Now looking for balance in 17150-17450 zone roughly before deciding on next swing move.

Charts and data :

Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.

Notes :

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