Daily market summary of NF and charts, data of NF & BNF -03Jan'24

NF has confirmed excess with long liquidation profile in last session..Below 21690 next leg of liquidation expected and probe marked for 21655/21620/21580. NF gone for slow drive down below 21690 to get 21650/21620 in mid session then gone for balance and towards ended with spike probing 21580 then closed at low.

2nd day of one time frame down after confirming excess top..Though range is narrow than average, supply inventory was good at close today.They could seek gap/drive down next as discussed in commentary..21655 ref for them to defend else squeeze for them.

Spike down close.21615-21580 spike zone..Spike rules apply for next session..Stay in/below spike = weakness and strength above spike high and pullback high.

For swing, resistance moved to 21865 and remaining obj were 21620/21580/21525. NF probed 21580 today clearing weekly support zone 21600. Swing res moves to 21755 now..Holding this, could complete 21525 and further acceptance there could get 21475/21425/21375/21325.

For next session, bullish above 21655 for 21690/21720-21735 then reject else 21765/21790 probe..Further bullish above 21805 for 21835/21860-21870/21900-21910. If fails to stay below 21550 and move above 21615 could test 21640-21655 and should reject else above said probe above 21655 possible. Not stay above 21620 and moving below 21580 could get 21550/21525/21490-21475 and further weak below that for 21440-21425/21375/21325.

Charts and data :

Notes :

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