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

Green tickz
Nov 28, 2021
2 min read

It was clean double distribution trend up day with rotation factor of 14 and dPOC shift into close on Thursday.Considering that we were making lower balance in long liquidation week, mentioned it was stretched auction upside based on profile structure of the day. Failing to scale or sustain higher expected to fill back double distribution day. NF had a gap down below such double distribution trend day and had a open drive to clear previous swing low then cleared Sep month low also in a trend down day and closed at low.

Pointers from yesterday auction :

NF had a large selling tail.This tail zone is bigger swing ref going forward as the day has registered highest volume in months.

It was higher volume large range double distribution trend down day closing at low.

It was more of initiative selling than liquidation with the way auction was kept all day with rotation down. Likely to have sideways to lower skew auction for few sessions.

Have beeing insisting sell on rise on swing mode due to extension down from month old balane then long liquidation weekly profile.Same view continues now as long as we stay below 17400.

17090-17125 resistance for next session. Failing to scale this could test 17020/16995 and weak below 16995 for 16965-16950 and quite weak below 16935 for 16890-16875/16845/16780/16745-16730.

Above 17095 could test 17125-17140 if sustains then 17175/17200-17220/17250 probe possible. Failing to scale below 16950 and back above 17020 could test 17050/17080-17090.

Important nuance : We may be starting to get further more higher volatile sessions i.e, drive down and recover fast/ drive up right at open then come down quick / gap up and fail etc kind of moves possible in coming sessions..As we have cleared some major support zones, there could be heightened volatility for inventory adjustment.Correction has started in all time frame and they may not happen in straight line and tend to get sharp intra rallies..17250-17300 was the zone for quick rejection to print short term bottom which now got violated with higher volume so short term bottom formation may take some more time. So, play with small size and allow time for auction to settle before making bets especially at open sessions.

Larger picture :

Swing view : Red lines are resistance zones to look for exhaustion/rejection and green lines are support zone to look for bottom and bounce..Keep this chart handy for next couple of weeks. Narration for these ref zones explained in weekly summary below.

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.

Charts :

Daily