Daily market summary of NF and charts, data of NF & BNF -05Jul'21

NF printed 4th day of one time frame down in last session but closed at day high after FA at low. Expectation was that long liquidation move was over and could expect rally back to nPOC and retest of excess. And, considering nice balanced auction in previous session, observation was that imbalance could take place today. Considered bullish above 15765 for 15820 then 15855/15880.

NF had a clean gap up and gone for probing 15855 nPOC in first session then trend day turned out as short covering profile to close at high.

Auction recap from the day :

NF had a gap up and open drive buying tail which held all day and closed at high=Bullish. Any retest in this tail zone could defend in coming sessions.

4days of one time frame down via long liquidation got stopped today with higher high.

Auction is incomplete upside today and likely to probe further higher.For the relief rally, had kept two obj naked POC 15855 which got tested now and next probe is 15910 excess zone..Odds are higher for testing this 15890-15910 zone minimum to complete the unfinished auction of today.

Swing sell at 15820 after meeting second obj 15690, negation was kept at 15765. This got cleared by gap and tradeable high at open was 15780-15790 so this trailed short got stopped here. Swing buy level kept at 15800 got triggered today for 15890/15950/16020. Negation now at 15750 for this. Once scales 15890 then could be moved to cost at 15800.

For next session, 15840-15830 support and bullish above 15865 for 15890-15905 and further bullish above 15920 to get 15950/15990-16020.

If fails to sustain below 15810 then bullish above 15850 to get 15890-15905.

If fails to sustain above 15865 could test 15830-15825 and weak below 15825 for 15800-15790 and quite weak below 15780 for 15755/15725 if sustains then 15690/15665/15635 probe possible.

Charts and 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 via private blog.

Notes :

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