Daily market summary of NF and charts, data of NF & BNF -20Jun'23

NF confirmed excess top with a move below 18820 in last session and holding that excess probe was expected towards 18720-18705. NF gone for this via drive at open then all day pushed shorts to squeeze to close with spike at high.

Failed auction at low.

Neutral extreme up day with spike close..18838-18883 spike zone..Stay in/above spike = strength ; stay below spike = weakness.

This profile structure + auction today and data suggests inventory adjustment day after confirmation of excess at top as discussed in commentary. We have unfinished job at 18750 zone from today's profile..If buyers of this NE up day not getting follow through higher next with acceptance above 18915, looking for probe again back to 18750 zone. If sustains 18915 then more squeeze to follow.

If we open inside range then buyers job for next session is to defend 18855-18840 mark and stay higher..If opens outside range then defend 18875-18860 and stay higher. Since POC is way down and price moved 45 degree away from poc, buyers job is now to defend above zones based on open and pull value higher..Failing to do so probe is back to VWAP/POC zone of today profile.

Swing short below 18810 with 18925 negation for 18745/18665/18550.

Levels wise for next session, move above 18915 could probe 18940/18975-18995 if sustains 19040 possible.Failing to stay below 18845 and move above 18885 could get 18915 and then remaining obj as said above..Failing to stay above 18915 and move below 18775 could get 18850-18840 and weak below that for 18810-18790/18765-18750/18720 if sustains 18690/18665/18625 possible.

Charts and 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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