Daily market summary of NF and charts, data of NF & BNF -13Jul'21

NF had 3IB down double distribution down day in previous session. Observation was that there was no supply and it was clean long liquidation move to shake weak hands before going for a upside move. NF had a gap up open around PDH and gone for tight overlap auction with upper distribution of previous session. Failed to sustain below IBL and gone for extension higher later in the day and ended as neutral day with close above dPOC.

Auction recap from the day :

NF had a failed auction at low and closed higher = strength as this is happening post shake down day.

It was neutral extreme up day and as we discussed in commentary, auction yet to complete the probe upside.Holding above 15780-15800 band could look for upside follow through.

NF had a dPOC skew at close at top and skew was with buyers..They need to get a quick follow through via drive/gap to sustain above PDH else could have overlap session tomorrow filling the value area.

Swing wise Long got triggered today at 15820. Negation at 15650 and can be moved to 15700 once scales 15845. Obj 15880/15950/16020.

For next session, 15800-15780 support to look for PDH scale to get 15875 and further bullish for 15905/15935-15950.Above 15960 could get 15990/16020.

If fails to sustain below 15780 and accepts above 15820 then could test 15850/15875/15905/15935-15950.

Failing to sustain above 15880 and break below 15830 could test 15800-15785 and weak below 15780 for 15750/15730/15700-15680 and quite weak below 15675 for 15650-15635.

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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