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

Green tickz
Sep 17, 2022
2 min read

NF had a clean liquidation b profile on Thursday with dPOC skew down close. It has negated entire dd buying effort of wednesday.Gap/drive below b expected to get more liquidation. NF gone for this on Friday with dd down day and then closed at lower quad.

Another liquidation day with solid selling tail and double distribution down profile with dPOC skew down again and closed there..Sellers need to get gap/drive down else could go for repairing lower disbn first then later could move higher in upper disbn.

It has left poor and weak low around last week low as well as previous swing low.This 17520 zone acted as support on many occasion and becomes mechanical weak ref now.Swing wise this low makes any rally riskier.Need to hold below 17560 early in next session to get further down move towards 17440/17330.

Failing to do so and accepting above 17590 could test extn handle at 17650 if sustains then could clear upper disbn till 17700 then test selling tail zone 17760/17800 if sustains further then gap close towards 17850-17860.

Swing short staying below 18100 marked for 17750 then below that probe was 17600/17450. NF probed 17600 now and swing wise auction incomplete at low..Negation now at 17920 to look for 17450/17330/17250.

Larger view :

Weekly :

NF weekly now had upper value in most of week but then at close skewed down a lot leaving away from wide dPOC 17920. To start the week, either stay down to bring value down or move back to this wide POC zone 17920. Pivot for the week 17800 now..Staying below this looking for break of 17520 to get 17440/17330/17250.

Not clearing 17520 and moving higher means 17650/17760-17800 probe and should rotate down back to 17650/17520 else further move up possible above 17800 to get 17900-17920 then rotation down possible from there back to 17700-17650. Not expecting anything beyond 17920 as of now but if rally sustains above 17920 probe is for 18020-18050 if stays above 18050 then 18250 probe.

Monthly :

Sep from balanced month left extn higher last week but could not sustain above Aug and retraced back below support marked at 17750..Its clean b profile in making for Sep now. 17920 solid res now for month to have sideways to downskew towards 17450/17250. Could face sell on bounce to push down back in b lower disbn zone all month now..Sustaining 17920 higher could make it as bell balanced month with a move back to 18050-18100/18250.

Charts :

Daily