Daily market summary of NF and charts, data of NF & BNF -30Nov'22

Three observations after last session a) back to back short covering proflle hence no early scale above P of last session = overlap to repair poor value area b) heavy distribution at 18790 hence holding below that zone = overlap c) Rally above 18800 of heavy distribution for 18840/18890..NF held 18700-18720 support band marked and 18790 supply band to repair poor value area in most of the session then at close had a solid rally via spike above 18800 to get 18890+.

It was 3IB day and 4th day of one time frame up.

Spike close at high..Spike rules for next session.18835-18905 spike zone. Sustain in/above spike = strength ; stay below spike zone = weakness.

Buyers need to hold 18860 else value in spike zone possible with two way auction..Once value done, need to scale higher above 18900 to get 18940/18980.Once value done, moves below 18800 means weakness to get 18750/18720/18670/18620.

Swing view expected balance and today's spike put a dent on that view.Will wait for another session to make sure this spike is not emotional/inventory adjustment but got commitment for more legs, then will draw swing bullish view with negation.

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.

Notes :

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