Daily market summary of NF and charts, data of NF & BNF -21Mar'22

NF had a large gap and short covering auction in last session. Buyers expected stay away from value area due to failed trend day to look higher into Feb month value area else overlap to gap close expected. Buyers failed to seek higher and right at open got open test drive down from PDH which lead to all day slow long liquidation. They swiped PDL and below then closed at dPOC..Hypo D full and Hypo E first part played out from 17360 to 17150.

Pointers from today's auction :

NF printed excess tail at top..Since this is long liquidation profile, this excess needs to create lower value further holding tail at top next.One more session of overlap also fine but tail should hold for weakness to develop.

It was clean long liquidation profile..Acceptance below this profile could lead to next large liquidation down move.

NF delivered outside day..Hold range = trend else overlap session again.

That large gap from 17028 still remains open..Major auction ref zones now for next session is, buyers need to hold around day low zone and accept above 17240 for test of tail zone at top. Sellers need to hold 17220-17240 zone and to test PDL zone 17130 then accept below it for next liquidation move to close gap zone.

Swing long view halted at 17350+ and with this outside day, prefer to put swing view on hold.. Good chance for overlap/balance if no follow through down quick next..Will wait for a session then draw hypos for swing next..

Charts,data & Hypos :

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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