Daily market summary of NF and charts, data of NF & BNF -31Aug'21

NF had a trend day in last session leaving POC down. To avoid mean reversion, buyers expected to get higher value early in next session with gap/drive. NF had a tail at open and started building value higher with trend day again.Failed to stay below and back above 16945 probe was for 17010 then 17060. NF probed this via trend move then made one whip move down only to spike higher later for 17140.

Pointers from the day :

NF printed 3rd day of one time frame up.

It has closed with spike up. Spike rules apply for next session. 17070-17140 spike zone. Accept in spike zone = bullish for later session ; Accept above spike high = quite bullish ; Accept below spike zone = weakness.

It has printed elongated profile and 3rd day of trend day auction now. Price has moved higher leaving POC of the day again down. NF have to accept in spike and go for higher value session to bring value up else repair of today's profile could take place.

Swing wise staying above 16950 probe was for 17100/17250 in which 17100 tagged today. 16950 negation now to get the remaining probe 17250.

August was trending month with spike close. 16730-16650 solid support now on monthly time frame. Till this band holds larger time frame trend is intact. Below this band, only two ref for probe 16400/16185 with 16900 negation.

Levels wise, for next session above PDH 17150 could get 17180/17220/17250/17300.

Below 17120 could get 17090/17065 if sustains below 17050 then 17020/16995 probe possible and quite weak below 16985 for 16960/16925.

Charts and data :

Monthly 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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