Daily market summary of NF and charts, data of NF & BNF -26Apr'22

NF had 3-1-3 profile with dVAH close in last session. With double print tail at low, buyers were having weak ref hence they were expected to defend value area and move higher next. They got a gap up but could not sustain IBH and got liquidation to swipe IBL.It could not close the gap and got spike higher at close.

Pointers from today's auction :

It was gap up day..

NF held the gap and 3-1-3 profile and got range extension higher.

They printed neutral extreme day with FA at low and then closed with spike..Spike zone 17193-17228.. Spike rules apply for next session. Hold spike = strength ; Below spike = weakness.

All the above info are signs of buyers from yday holding the fort and moving this. These buyers should defend spike zone or worst case VWAP of the day to seek further higher..Failing to do so, we could have overlap session in today's value area and later could revert down to close gap of the day.

As mentioned in commentary, NF is now equally poised for 17365/17480 or 17050/16920. All depends on how good today's NE day buyers saving the auction tomorrow.

This was my comment in the report yday about swing view //Considering weekly in one time frame down + monthly in double distribution down + today’s value in 19/04 tail zone, as said above any move higher might face stiff res in 17250-17300 zone or even before that..So till we start accepting this 17250-17300 band with value not interested in swing long view.// Double print tail day now followed with neutral extreme spike day.Today's spike was late spike so again adding it under the category of ST emotional move than fully committed.Need follow through from spike to confirm the intent. Any rally higher considered as temporary relief move for inventory adjustment to close the gap at 17155.This is now done..Focus next is follow through from today's buyers and clear 17300 for rally higher else rotate down again towards 17050/16920.

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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