Daily market summary of NF and charts, data of NF & BNF -24Nov'21

NF had a short covering P profile in last session. Buyers expected to get a gap/drive and sustain above this P profile for follow through higher.Failing to sustain above such short covering profile expected to probe back entire poor value area of last session.NF got a gap today and whipped at POC zone and then gone for first session higher value..But they could not get further follow through from higher value and entered back into P profile value area in second session and gone to clear entire value area down from last session.

Failing to stay above 17540 and back below 17500 expected to get 17465 then below 17465 probe was for 17400. This move below 17500 whipped in morning open session and did entire move till 17400 and below towards close.

Pointers from the day :

NF stopped 5days of one time frame down with range extension higher above PDH.

It was clean neutral extreme down day i.e, probe above IBH failed and gone for IBL swipe. Fight for auction between buyers and sellers.

Above two info are totally contrary i.e. stopping one time frame down after 5days with a move above PDH then failing to hold higher value and going down as neutral extreme profile with spike of 100 points..

Such info suggests NF might still do balance before taking directional move. As mentioned yesterday 17650-17300 range for balance. Unless we create value beyond this zone, prefer to look for balance and mean reversion moves. Once they create balance beyond this zone then could look for strong move in that direction.

Large spike down into close.If sellers are committed then they should take out 17300 previous tail zone and sustain down else could go for creating balance in spike zone. Spike rules apply for next session. 17450-17350 spike zone. Sustain spike zone = trend ; failure to sustain spike zone = look for balance to fill spike zone.

Mentioned that weekly profile early signs of long liquidation structure so any rise could see a sell off swing wise.NF confirming this view clearly now.

17400-17420 resistance zone tomorrow. Sellers need to hold this zone and move below 17360 to get 17320-17300 and further weak below 17280 for for 17240/17190/17150 if susains then 17080/17035/16995 probe possible. Any rise upside could face exhaustion/rejection around 17450. Failing to scale above 17450 and move below 17400 could get 17360/17320-17300.

If fails to sustain below 17320 and moves above 17380 then could get 17420.Above 17420 could move to 17450/17480/17510 and quite bullish above 17520 for 17555-17565/17595.

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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