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

NF had inside day with dPOC skew into close near dVAH in last session.Skew was with buyers into close and to avoid mean reversion, buyers expected to get drive/gap. NF opened with gap up and got a ABC extension higher.

Above 15810 considered quite bullish for 15860 then 15905 and NF probed till 15875 then turned into short covering profile in first session..Later in second session could not hold IBL and gone for neutral day and closed at low with spike.

Pointers from the day :

NF had spike down into close. Spike rules apply for next session.

15790-15750 spike zone.Staying below spike low = quite weak ; creating value in spike zone = weak and could probe lower later ; Acceptance above spike high = strength.

NF printed neutral extreme down day on higher value day.Inventory was not with sellers on the neutral day so need to evaluate volume if this neutral day gets follow through down..If gets volume then could lead to long liquidation day else could repair back to POC zone at 15845 as price has moved away 45 degree from POC due to spike from higher value day.

Yesterday triple distribution day now got higher value follow through but buyers could not hold it. If we start accepting below triple distribution day POC 15730 then more liquidation and repair of triple disbn day could take place due to buyers failure today.

So, tomorrow focus is between 15730 POC of triple disbn day and 15790 spike high..Whichever accepts could tilt the day that side.

Swing wise we are still within outside week range and view is still neutral. 15520-15490 zone now strong swing support as mentoned yesterday.Above 15850 now can look for long trade with 15750 negation for 15950/16080. Another session or two could resolve this for fresh move.

For next session, 15790 resistance and below 15755 could get 15730/15705 which is good support if goes then 15680/15650-15635 probe possible. Below 15620 could probe 15580/15550-15530.

If fails to sustain below 15730 and accepts 15765 then could test 15790 if sustains then 15830-15845/15865/15890-15905/15950 probe possible.

Charts and data :

Detailed plan with references to carry forward, trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members via private blog.

Notes :

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