Daily market summary of NF and charts, data of NF & BNF -18May'22

NF had a clean trend day in last session and observation was that auction was incomplete at top. It had a open test drive up to finish that auction by IB with clean move above PDH then all day got skew down move filling final imbalance zone of last trend day then closed at dPOC.

Pointers from the day :

Buyers of trend day from last session got follow through with higher value session..They need to protect this value and then go for acceptance above this value for more upside..

It was a tussle day between buyers and sellers..Upper end from IB zone of the day held by sellers and buyers of trend day held their second disbn zone from yday.. dPOC shift down at close on higher value day.No one's game now and depends on follow through auction now to decide who are going to give up.

If buyers are committed then should defend 16140-16160 band and look for acceptance above 16250 to test sellers zone 16330-350 if accepted then rally higher..If sellers are committed then should sustain below 16250-16270 and clear 16180 to get 16140/16100 then all the way down in trend day profile to lower disbn.Today's profile structure suggesting likely to have another fight before resolving one way..If not for entire day then atleast for first session, we could expect a fight before resolving this.

NF swing above 16170 probed next swing obj 16350 today and negation now shifts to 16100. If moves above 16310 again in next session then negation could move to 16220. Failing to sustain above 16300 in next session and back below 16200 opens swing short for 16050/15950 with 16350 negation. With higher value day post trend day today, buyers should look for moving to next swing obj 16420+..Failing to do so with overlap week now with auction here around upper quad of last week could push for liquidation from buyers.

Enough eveindence from today's intra auction that NF preparing for next good imbalance move..One more higher value day means bias upside else odds favouring to continue the larger time frame trend i.e, down.

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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