Daily market summary of NF and charts, data of NF & BNF -17Jun'21

NF confirmed island excess with lower value day in previous session.Expectation was to get further move downside. It has cleared 14th extn handle which suggested weakness. NF got a clean large gap down but could not get follow through and gone to close the gap via ABC period extension..Later turned into balanced day and towards close became neutral day with low below IBL and negated entire 14th buyers profile and closed below dPOC.

Pointers from the day :

NF printed a neutral day today. Also, 3-1-3 profile with tail at both ends and balance inside. Sign of fight betwen buyers and sellers..Whoever sustains this profile value could get the trend ; failing to sustain could probe back entire value.

It was almost balanced day till last hour after morning imbalance and towards close got imbalance down which created poor value area..Failing to sustain value area could call for repairing this poor value area in next session.

Island excess from 15th got second day of follow through today with another lower value.Probe downside looks not yet completed as we got weak low from 14th low and today's tail at low is mechanical. Below 15670 this could get more follow through downside. With this structure any move back to 15750 zone could invite supply for this to complete the probe till 15550 zone as mentioned yesterday. Negation for the view at 15810 now.

Swing trade on sell side triggered at 15700 today and negation at 15810 now..Obj as mentioned yesterday 15600-15550 zone.If 15810 goes then we could have few sessions of chop and can stay on sidelines..

For next session, 15715 resistance for open and above that could test 15735/15765 if sustains then could get 15790/15810 and quite bullish above 15815 for 15840/15860 if sustains then 15895-15905 probe possible.

If fails to sustain 15750 could test back 15720/15690-15670.Below 15670 could test 15630/15590/ 15550-15530..

Failing to sustain above 15750 or below 15670 could result in two way moves to create balance inside this range.

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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