Daily market summary of NF and charts, data of NF & BNF -16Jul'21

NF printed buying tail and 4th day of one time frame with buyers in control still in last session. NF had left poor structure and anomalies in last two session and expected buyers to hold 15910 to look for probe higher further..Above 15965 expected 15990+ and below 15910 expected 15885 and further..Both ends got whipped today without any follow through and gone for nice balanced profile and closed at dPOC.

Pointers from the day :

NF got 5th day of one time frame up. Nice balanced profile and could lead to imbalance in next session.

It has left double print tail with ledge at 15950. This ledge held the auction all day..Buyers managed to hold yesterday extn handle 15910 today and closed at dPOC..They saved the auction today..To remain bullish, they need to defend 15890-15910 in next session and clear this ledge at 15950.That could lead to quite bullish move further higher.

Failing to clear this ledge and stopping one time frame down on daily time frame below 15890, could go for repair of 14th and 15th profile structure till 15840/15800 as mentioned in last report.

Swing Long triggered at 15820 met its obj 15880/15950 and 16020 still open and negation same 15870 as mentioned yesterday. Below 15870 could take short trade with 15990 negation for 15795/15700.

For next session, 15910-15890 support. Holding this and clearing above 15960 could test 15990/16020.Above 16030 probe is for 16060/16080-16100.

Weak below 15890 for 15855/15830 if sustains below 15825 then 15795-15785 probe possible. Quite weak below 15780 for 15750/15730/15700-15680.

Larger picture :

Weekly :

NF gone for 7th week of overlap now..This has gone for more than average overlap count..Buyers now facing exhaustion here on weekly time frame..As mentioned earlier, too much overlap may not work in favour of buyers... It has cleared weak ATH and printed fresh ATH too this week.. And, dpoc of the week skewed to dVAH at close of the week.. If we merge info of this ongoing 7th week overlap and this dPOC skew into close, buyers need to get clean move higher early in the week else mean reversion again is the bias towards VAL of the week minimum.

15890-15870 support for the week. Holding this, it has to move higher above 15965 to get 16020/16100/16200.. No projection as of now above 16200..Below 15870 could move straight to 15790/15750 and around 15750 this should hold and bounce else 15670-15650 zone next probe and below 15650 imbalance move down to 15500-15450/15300/15150.

Monthly :

June month delivered perfect balance month..Now July sofar again clean overlap balance into June balance.. And, July has pushed higher above June high.. Should hold around 15860 VAH of June and look for extenion higher for 16020/16100/16200. If we accept below 15860 then being nice balanced profile, could test POC of June at 15760 zone then 15660 VAL zone..If accepts below then outside month in July possible with a probe below 15450 of June low. Odds are less for another balanced month in July and likely to get imbalance from next week considering weekly structure..

Charts :

Daily

Weekly

Monthly

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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