Daily market summary of NF and charts, data of NF & BNF -10May'22

After last session there were decent evidence for bottoming out process from intra auction + buyers effort with tail + dpoc shift higher into close.. Buyers expected to hold 16270-16250 band and accept above 16310 with value to get rally higher..Once moved higher, expectation was not to get back into value area as there was poor value area so any move down back into value area expected to be repaired. NF today whipped all over first with rally above 16310 failed and gone for open auction which held 16250 but left poor low.Then got a move closer to PDH.It could not clear PDH and left poor high there then came down to clear poor low at 16250 and ended with spike.

Pointers from today's session :

In short nothing has happened today than tiring locals fully with inside day profile hence all observations from yday remains same.i.e, as long as 16210-16190 tail zone holds buyers could get a move higher again and more strength if 16325 accepts.Not getting upmove and tail goes means liquidation break for next leg down.Once moved down then today's spike zone becomes solid ref all session.

It was inside day hence could look for imbalance next.

Neutral extreme down day and spike down close. 16250-16209 spike zone. Spike rules apply tomorrow. Stay in spike/ below spike = weak ; Accept above spike high = bullish.

Swing obj 16050/15900 still remains open. As we are having 2days nice balance now with decent volume, negation could move down to 16325 at dPOC of this 2days balance.Once that goes, we have higher odds for rally to clear poor high at top today then to fill gap higher or could go for extended overlap sessions..Shorts can be initiated later. Swing long now above 16325 with 16150 negation for 16440 (once get there move negation to 16300) then 16540/16650.

Charts & 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.