Daily market summary,plan,charts and data of NF & BNF – 28Apr’23
Trend day close at high on Thursday for NF and it cleared Mar and Apr highs on that session. Odds of spike close for month was observation if buyers defended trend day support zone 17960-17940.NF gone for this move on Friday. Failing to stay below 17960 and move above 17990 was marked for 18050/18090/18140. They held around 17960 then had a good balance and then had spike close probing 18125. NF left a poor low and got wide POC with tight balance then extended higher with spike close. 5th day of one time frame up. Spike rules for next session. Spike zone 18065-18128. Staying in/above spike = strength and below spike zone =weakness. Wide POC and price moved 45 deg away from such wide POC..Buyers in next session should make sure they build value higher and then extend from such higher value..Else, attempt to visit back this wide POC possible. This 18040 wide POC zone now good swing support and next support at trend day extn zone 17940-17960 for the coming week. Any weakness for reversal now only below this second support.. Till then balance higher /skew higher odds. Levels wise for next session, failing to stay below 18100 and move above 18140 could get 18190/18230/18270 and 18270 holds means rotation down possible to 18220/18180/18150. If sustains above 18270 then 18330+ possible. Failing to stay above 18150 and move below 18100 could test 18065-18040 and weak below that for 17990/17960-17950. Weekly : NF left a balanced weekly profile previous week and marked 17690 as pivot and observation was that upside rally is capped.If signs of short squeeze above 17690 seen then probe was marked for 17810/17870 and solid bullish view was above 17900 for 18050/18150.NF barely stayed below 17690 at start of week and then stayed above this pivot for 2days then last two days got a squeeze and probed till 18120. Double disbn week now with spike close. 18040 pivot for the week.As we had a good extn from Thursday for the week at 17930, probe is towards 18250-18300 on swing as discussed in commentary at start/end of Friday session.18040 now negation for this view. Once this probe done, looking for rotation down for balance for few sessions.If sustains above 18330 then 18450/18600 probe possible. Weak below 18040 for 17960-17930 zone and should see a bounce for balance..If stays below 17930 more weakness towards 17840-17800 and that band goes means clean move towards 17650/17540/17450. Monthly : Monthly was having P profile failing trending month at close of last week.Hence, not getting short squeeze at start of week, expected range extn down below 17600 else overlap in P expected and above 17900 reversal for month marked with possible spike close towards 18150. NF didnt get a break down below 17600 and marginally swiped that zone last week and then had a rotation in P monthly dev value area of before getting that spike towards 18150. Tail at low and spike close on monthly profile now. Support for the month 17800-17900 band and staying above this band in May, looking for balance and skew higher for 18300/18450 and possible to rotate down for balance in first half of May.First sign of weakness below 17800 for May towards 17540 and quite weak below that.More strength upside if sustains 18450. Charts : Daily Weekly Monthly 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 : a) Check glossary page in website if any of the terms used in the post are not clear. b) If images are not clear, click on them for enlarged view.