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

NF clearly engulfed the large back to back imbalance area and built value higher on Thursday.Holding tail expected to fill back anomalies in profile..To more bullish, focus was with 17865-17880 zone.NF sustained this zone and gone higher early in the session. Above 17875 probe was for 17905/17945 which happened via IB and extn till 17940 then gone for all day balance and closed above dPOC.

Pointers from last session :

NF ended up with another higher value day after buyers managed to defend that 17865 zone and then closed above dPOC zone.Buyers in contol and its their job for next session to defend this higher value and look for move higher next.

It was clean two way balanced profile and likely to deliver imbalance session next.

17850-17860 support zone for next session. Failing to clear this down and accepting above 17890 could test 17920/17945 and bullish further for 17970/17990-18020. Above 18040 could get 18080/18110/18150.

Failing to sustain above 17920 and back below 17880 could test 17860-17855 and weak below this for 17830-17820/17790/17765 and quite weak below 17760 for 17730/17700/17660.

Larger picture :

Weekly :

Weekly had another overlap last week and closed below dVAL of week. Sign of weakness it was. 17580-17620 considered resistance band for the week to move down. Acceptance above 17620 expeced to test 17720-17740 band next. NF gone for this move to start the week and this 17720-17740 was marked as solid resistance zone to rotate it lower towards 17580.

NF dropped till 17630 from this resistance then started accepting 17740 to get next obj zone 17820/17870. Above 17870 expected quick rally to ATH zone which got rejected at 17865 and got 5IB down day to 17600 again. Later to close the week rallied above 17870 towards ATH zone and closed at dVAH of week.

As mentioned few times in commenary and reports this week, that 17660-17860 zone roughly we had two way quick back to back imbalance zone.Bias was earlier that zone to be filled again.But, last two days buyers managed to float higher above this zone..Its important now for them not to waste last two days effort and allows acceptance in this zone..If they do, then this entire zone could pull the price down for the fill..This is primary focus for the week..So, with last two days effort better buyers defend above 17850 and sustain higher to scale ATH and rally.

4th week of weekly overlap now and buyers should get early follow through higher in coming week with dVAH close they got. 17850 support zone to get a move above 17940 to get 18020-18050/18150. Failing to do so and accepting below 17850 could test 17750/17700/17660-17620. Expecting 17660-17620 band to hold and bounce it back higher. If accepts below 17620 then quick move to 17550-17500/17350 possible.

Monthly :

Sep was trending month but closed below dVAH of the month.It could not get follow through down after such close. Acceptance above 17740 was for ATH zone and that move is done now. Oct sofar making inside profile. Failing to sustain 17950 could go for futher balance in 17950-17600 zone roughly.. As of now 17400-17600 band strong support for Oct month and expecting that to hold and push higher if we move down.. And sustaining ATH could get towards 18050/18150 some balance then 18500 possible further.. Break of 17400 could get 17250/16950 quick.

Charts :

Daily

Weekly

Monthly

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 :

a) Check glossary page in website if any of the terms used in the post are not clear.

b) If images are not clear, click on them for enlarged view.