Daily market summary of NF and charts, data of NF & BNF -08Dec'21

NF had a short covering profile yesterday and buyers expected to put more efforts to stay away from such short covering profile. They have gone with gap and drive right at open and all day stayed as higher value day then closed with spike at dVAH. Above 17360 probe was 17410/17450/17515 and they did this move fully today with some heavy chop and whips during the day.

Auction recap :

NF got gap up and buying tail post short covering profile. Initiative auction from buyers and this tail now becomes good swing ref going forward. 17380-17410 zone ref for buyers now. Any weakness on swing only below this now.

It negated excess created on 03/12.

Have mentioned yesterday that we could have balance and wanted to wait for a day to remove this view..NF with higher value and negating 03/12 excess zone, negates this bias and opened up for 17650+ test from here.

Auction today left poor value area with anomaly..If opens inside value then could go for repairing value area before a move higher..If opens higher then should hold today's spike zone and extend well above PDH else could repair atleast till POC zone before move higher.

It was spike up close..Spike rules apply for next session. 17507-17527 spike zone.. Sustain spike = trend higher ; below spike = weakness.

17480-17465 support for next session.Failing to scale below and move above 17510 could test 17535 and above 17535 could get 17565/17590-17610, quite bullish above 17610 for 17645-17655/17685/17710/17740.

If fails to sustain above 17530 and moves below 17480 then could get 17455/17430-17410 and quite weak below 17400 for 17370/17340/17310 if sustains below 17295 then probe is for 17265/17230/17190-17175.

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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