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

NF stopped one time frame up after 3days on Tuesday and sellers had skew at close with secured high testing buying tail and clsing at dPOC. Move below 14820 expected to probe 14770 then 14730/14680/14650/14610 was probe. Nf had a open drive below 14820 which got till 14730 swipe during IB period then gone for balance and then towards close moved till 14665 and closed at dVAL.

Pointers from last session :

Second day of one time frame down now.

NF printed 3-1-3 profile i.e, tail at both ends with nice balance in between..Acceptance of tail = trend ; failing to sustain tail and back in value = could probe entire value area.

Swing down was expected to probe till 14700 to repair the poor structure and its done now..Swing negation now moves to 14780 and staying below and accepting tail zone of yesterday could move to next probe towards 14610-14550 zone which is good support zone for bounce..If that goes then we could look for 14450/14380 next.Back above 14780 we get into neutral chop mode.

For next session, below 14680 could get 14650/14610-14590 if sustains then 14540/14500-14490/14460/14420-14380 probe possible.

If fails to sustain below 14650 then could test 14740 and bullish above 14740 for 14775/14810 and quite bullish further for 14870/14900/14925-14945.

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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