Daily market summary of NF and charts, data of NF & BNF -16May'22

NF stopped 8days of one time frame with PDH swipe but closed with spike down in last session.With such conflicting info, observation was that if sellers of spike committed then could get quick follow through down else few days of balance expected..With 45 degree rule, either price back to POC or value down was expectation. NF failed to stay in spike and got quick drive in IB to tag POC zone.Then all day gone for balancing in large IB range and closed at dPOC.

Pointers from today's auction :

Normal day i.e, no extension from IB range = indecisive..Inside day too. Such day could lead to good imbalance session next.Considering current structure, imbalance could be two way.

Buyers should clear 15920 to get a move higher towards 15980/16040 holding 15850-15820..Sellers should stay below 15920 and quite weak below 15770 for 15720/15675/15635.

Have been mentioning about higher MO reading and now NF doing time correction and cooling off such extreme reading as well are bringing mean/value down.Larger context is suggesting weakness with such denial for relief rally and time correction bringing down mean value.MO cooled off from -130 to -60 now. With nice composite in making now, more balance could be expected.Rougly 15600-16000-16150 range of balance for few sessions.

Swing wise mentioned that 15730-15740 zone not clean secured low..Nf confirming same view with another low around 15750 now..Lows are stacked in balance here..As long as no clean low, risk is on higher side for any decent rally to take place..So, same view that higher moves could face exhaustion/rejection and lead to balance only than one way continuous upmove sessions..Rougly 15600-16000-16150 range of balance for few sessions

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 :

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