Daily market summary of NF and charts, data of NF & BNF -25Jul'22

NF printed 6th day of one time frame up with neutral day and double distribution profile in last session.Buyers next expected to save extn handle of this second disbn to move higher or worst case 16660..Below that liquidation was expected to get FA zone then 2days bell zones towards 16560/16520. NF opened below extn handle of last session and got open rejection reverse down move clearing 16660 early in the session which probed till 16560 then failed to sustain further and closed above dPOC.

NF stopped 6days of one time frame up and also negated FA of last session at 16620.

First day of liquidation (from buyers of last dd profile ) and bounce back higher again into close got rejected at morning tail zone to push lower.

NF with above info indicating time correction.With MO higher + low volume sessions either one climax leg up or time correction for 2-3 sessions then later further move was observation.

For next session, buyers need to sustain above 16690 to move higher towards 16750/16830. Failed to do so could chop between 16690-16560. As mentioned under weekly observation in last report, below 16620 probe was expected to get 16540-16520 wide POC zone. NF failed to get this today..Next test below 16560 could move down towards 16520/16480/16450.

Swing support for longs at 16620 negated today. Possible to have sideways to bullish auction for 2-3 days between 16450-16800. Swing short idea can wait for a day or two as it was good session today to get 16540-520 below 16620 but missed so better to wait.

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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