Daily market summary,plan,charts and data of NF & BNF – 30Dec’22
NF had a gap up after spike up neutral extreme day. After having value built higher could not extend higher and gone for testing spike low and VWAP of last session then closed below dVAL.Failing to sustain higher above and back below 18280 expected to rotate down to 18220/18170 and NF gone for this move yesterday. 3IB down day with selling tail and low is weak right at VWAP of NE day. As mentioned in commentary staying below 18290 in next session looking for minimum 18120 in next session and that could decide to bounce back higher or more liquidation. Spike zone 18230-18170. Accept in /below spike = weakness ; Sutain above spike zone = strength. With adjustment level, NF rejected from weekly POC of last week hence 18290 now becomes resistance for next session..Accepting above this is bullish or failing to sustain below 18120 and move back above 18230 buyers could gain control to move higher to test 18290 then could push higher further. Swing wise suggested staying above 18220 neutral bullish and its gone now in last session.So,back to neutral view staying below 18290. No clear signal yet to draw swing view and prefer to wait more now. Weekly : NF printed 3weeks of one time frame down earlier and now delivered inside week. Staying below 18300 looking for 18120/18050/17970/17920 in coming week then expecting bounce back higher towards 18050/18150/18220/18290..Context is looking for two way auction in current week range. Acceptance below 17920 quite weak towards 17800-17750/17600/17200. Bullish above 18300 to get 18420/18520/18650/18720 and expecting solid res from 18650 zone or worst case 18720 zone to rotate down lower again towards 18420/18300. Monthly : Dec now printed outside month and closed at VAL of the month. As long as staying below 18400 monthly expecting a move back towards 17970/17900 zone then bounce higher to rotate in Dec-Nov value. If starts accepting below 17900 then drive below outside month move could be seen with a move towards 17700-17600 and quite weak below that for 17200. Move above 18400 in Jan could push higher till 18650-18720/18850. Yearly : Quite a balanced year we have got and likely to have imbalance year next as its back to back overlap years now. Buyers need to get a bullish Jan month accepting above 18400 on weekly first then range extension next above 18720 to get that look above balance move for new ATH towards 19100/19350-19400 in early months. Once done 18700-18500 becomes their support for any retest of balance and push higher again for entire year..Failing to sustain higher above 18720 or after moving way higher with new ATH and moving below 18700 calls for move towards 17600/17200/16600/16050/15600/14500. Charts : Daily Weekly Monthly Yearly Data : 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.
