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

NF had 5th day of one time frame up closing at high with buyers in control on Thursday. With 2days nice bell buyers if defends 16570 then expected further move higher..NF had minor gap and then closed the gap which rejected from 2days bell range to remain as higher value day all session and then gone for closing higher above dVAH.

NF printed 6th day of one time frame up.

Failed auction at low and neutral day printed to close above dVAH with buyers edge again.

It was late second distribution and buyers to sustain further should save this extn handle from lower distribution or worst case POC zone 16660 to get further move higher in next session..Below 16660 liquidation possible from buyers of this late second distribution to test FA zone 16620 and then travel down in 2days bell towards 16560/16520 possible.

MO is staying at higher extreme last 3 sessions and volume is not picking up..Two ways this could go from here with 6th day of one time frame up..A) Make climax leg upside for a session or two and then get a good pullback or b) have a time correction with not much of reversal but small balance for 2-3 sessions then extend further higher..This 16660 decides which way they continue further auction..If that holds then could look for climax move higher if that goes then sideways balance possible before next leg up.

Swing wise probe was for 16690/16790/16850 and 16750 done as of now.. Support now moves to 16620 for swing to look for remaining objective 16850 and above. Weak below acceptance of 16620 for 16520/16450.

Larger picture :

Weekly :

NF weekly had inside week and closed with dPOC skew higher at close..Buyers if committed expected to get early follow through higher at start of week to get 16310/16480-16520/16700. NF gone for this this week with large gap and turned into imbalance week printing double distribution profile on weekly clearing all upside objective and closed higher with wide POC at 16540. With this DD, now again buyers need early acceptance above this DD profile holding 16620 as support else we could look for probe down to fill in this DD profile upper disbn moving to wide POC zone 16540-16520 first then 16450/16390-16360 to close the gap.. Quite weak below 16330 for 16200-16150/16050.

Failing to stay/scale below 16620 or 16540-16520 could bounce back to 16750 and above 16750 could get 16850/16950/17150-17200.

Monthly :

Monthly first half of month had dPOC skew higher towards dVAH at end of last week. If they get bullish auction at start of the week then probability for July was to get 16500 then pause and then 16700..July second half has gone for this auction via imbalance from well balanced first half and 15950 now sealed as monthly support going forward. As of now weakness only below 15950 on monthly time frame till then sideways to higher skew bias. Now, for monthly two zones mentioned last week 16500 or 16700 to rotate down.. No acceptance above 16700 at start of week means then could look for second disbn grind in coming week with a move back to 16540/16450/16360 then rotate higher.. If sustains 16700 this week could look for more upside towards 16950/17150-17200 then could rotate down..

Charts :

Daily

Weekly

Monthly

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 :

a) Check glossary page in website if any of the terms used in the post are not clear.

b) If images are not clear, click on them for enlarged view.