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

NF left a weird poor value area profile in last session with rally close at skewed dPOC..Observation was that sellers should stay below 16140-16170 and create value below 16100 for more liquidation else 16250-16280 above 16170.NF had a open above 16170 and move higher met with open rejection reverse down move from 16220 itself and could not get 16250.It lead to slow liquidation day after having first session balance in yday value area, followed up by extension down for more liquidation with lower disbn below 16100, which almost negated entire tail zone of 20/05.

It was double distribution down trend day closing below dPOC..Sellers had control at close.Only a tiny part of 20/05 tail zone is remaining now.Supply should hold 16080-16110 band in next session to clear 20/05 day fully..If we open below today's liquidation profile with gap/drive then another good liquidation session is a possibility.

Buyers for next session should start moving above 16110 to get test of tail zone at top 16160-16180 which could rotate back for overlap session..If sustains further then could get quite a good move towards 16250-16280 zone.If sustains this then 16350/16420 possibe.No bullish bias till we see acceptance above 16110 for next session.

That weak low of yesterday from exact mid point of 20/05 tail zone got cleared today.Now only remaining mechanical ref zone is those stacked lows at 15740.

Swing short suggested below 16050 which today missed probing first obj 15960 with a halt around 15980. Same obj 15960-15920 zone then 15850/15760 and negation now at 16150. Once 15960 probed could move negation to 16100.

Charts & 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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