Daily market summary of NF and charts, data of NF & BNF -26Apr'21

NF had a neutral day auction in previous session and despite dPOC skew down at close, observation was that lack of supply in inventory. Above 14380 expected push higher from NF in next session. NF opened way higher above 14380 near PDH and held above VAH and gone for open drive up. Upside probe was kept till 14510 and NF shot up higher above prev week high and probed till 14550 and then moved down to fill most of morning tail and closed at dPOC.

Clues from auction today :

NF had a short covering auction and stopped one time frame down of 2 weeks.

Back to back repair of trend days last week called for balance for few sessions.Today’s auction had one of narrower range of recent times and volume was also below average..And it was normal day i.e, no extension from morning initial balance range.All this information suggesting that we could continue the balance than one way market for few sessions.Normal days got odds to deliver some good range day in next session.

NF had a short covering via open drive but could not find demand above prev week high..Gone for accepting morning tail in second session and pulled down dPOC down by close.Suggests sellers had a skew at close and failing to accept above 14540 tomorrow skew down could happen to repair poor value area of 23rd Apr profile.

Swing ref 14450 accepted today after we had that excess tail below 14220 last week.This now reduces immediate chance of any imbalance down on swing wise and could lead to balance for few sessions.. Roughly 14200-14650 now range to look for balance for the week before next imbalance move.

For next session price wise, above 14495 could get 14525/14550 and bullish above 14565 for 14600/14640/14680-14700.

Failing to sustain above 14540 could test 14490/14450 and weak below 14450 for 14420-14390/14360/14340-14325.

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.

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