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

NF had 4th day of one time frame down and with dPOC skew, sellers had edge in last session at close. NF had a large gap down and remained in lower value then gone for late second distribution higher to close the gap and then closed higher in second distribution.

NF had 5th day of one time frame down today.

NF left a weak low today at quite a visual ref zone 16850 then rallied from lower quad once again similar to 15/02.After such move from lower quad on 15/02 repair back was expected.That move from 15/02 only met with exhaustion and after having balance at top for 3days, got fully repaired today clearing all the trend day disbn it has left that day..

Similar could be price auction for such weak low left today..Possibily expiry related inventory adjustment move.17030-16990 now support band and to avoid any repair back, buyers need to hold this zone and next have to accept above 17240 quickly..Till then long side carries risk.

Once moves above 17240, support zone moves to 17100..They should not come down and should look for 17350+ next above 17240.If this happens then this repair could wait and we could look for solid rally higher to other end of balance. Failing to sustain higher and accepting this support band 17030-16990 calls for today value area repair and then much more on downside.

For next session, 17125 resistance..Above that could get 17160-17170/17200-17210 if sustains then 17245/17270 probe possible. Above 17285 could probe 17320-17335/17375-17390..Above 17400 could get 17435-17450 if sustains then 17490/17500 possible.

If fails to scale/stay above 17120 and moves below 17070, could get 17035/17010 if sustains then 16965/16930/16895/16865 possible..Below 16860 could get 16820/16780/16745/16710/16665.

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.

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