Daily market summary of NF and charts, data of NF & BNF -12Oct'21

NF had closed at dVAL despite one time frame up/higher value/extension from multi week balance in last session. Failing to sustain above 17990 and accepting below 17950 expected a probe towards 17890 then 17860 and below. NF had opened lower in tail zone and got open drive higher which got failed quick and pushed NF lower towards 17860 and then bounced back to print neutral day with day high close.

Auction recap :

NF printed failed auction at low with ledge and tail.Buyers in control at close.

It was neutral extreme up day.Start of fresh auction..Bias sideways to upside..Explained context below.

Inside day auction.

After yday close, expected buyers to give up tail if they are weak. Today they have allowed entire value in tail zone in first session but then saved the tail low and bounced sharp with FA to clear IBH and turned into neutral auction. This auction suggests two things,

a) buyers still protecting that 17860 zone we have been discussing..so, now this 17880-17865 zone very good swing support going forward to look for sideways to upside skew..below this good liquidation possible.

b) such lower value in tail for most of the session but failing to sustain down and producing neutral profile with price moving away from value esp from wide POC, means odds are there for some balance for a session or two. So, next session focus is with buyers able to produce higher value and move higher else could go for chop into today's range later.

17965-17980 support for next session. Holding this and moving above 18015 could get 18040-18050 if sustains 18055 then 18080/18110/18150 probe possible.

Failing to sustain above 18050 and breaking 17990 could test 17965 and weak below 17960 for 17935/17905/17880 and quite weak below 17870 for 17830-17820/17790/17765.

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 :

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.