Weekly Charts (15th to 21st Jul 2022) and Market Profile Analysis for NF & BNF

NF opened this week with a Neutral Extreme Day Up on Friday where it filled up the low volume zone of previous week’s profile after making a low of 15930 & spiking higher from 16048 to 16084 into the close.
It continued this imbalance with a big gap up open on Monday & got big buying volumes at 16191 which took it up above the first of the higher weekly VPOC of 16271 as it made yet another spike close from 16272 to 16313
This spike however was rejected as the auction opened lower on Tuesday but gave an OL start at 16199 indicating that the Monday’s buyers were defending their position resulting in a ‘p’ shape profile for the day and a small spike higher to 16364 into the close with the dPOC also shifting to 16357
The auction then followed it up with another big gap up open on Wednesday where NF tagged & remained above the second weekly VPOC of 16507 but settled down into an OAOR forming a narrow 86 point range Neutral Day & a Gaussian Profile.
Thursday saw a continuation of this balance as the auction formed an outside bar with overlapping to higher Value and closed with yet another spike higher into the close from 16600 to 16618 leaving a Triple Distribution Trend Up Weekly Profile with completely higher Value at 16296-16542-16614 with 2 zones of singles, one from 16492 to 16361 & the other from 16178 to 16048 with 3 Daily VPOCs at 16357 / 16191 & 15988 and the VWAP at 16339.

BNF continued previous week’s imbalance to the downside as it made new lows of 34541 on Friday but formed a ‘b’ shape profile with the dPOC shifting lower to 34605 & the close in the stem of the profile indicating that the downside was limited.
This was followed by a gap up open on Monday and the attempt to make a RE lower resulting in a daily FA being confirmed at 34887 after which the auction left an important PBL at previous week’s VWAP of 35149 settling the issue for the bulls as they never looked back from there.
The auction made a trending move higher over the next 3 days to revisit the 03rd Jun FA of 36189 while making a high of 36340 on Thursday & closing right at the FA point.
The weekly range formed an outside bar with a huge 1799 points with overlapping to higher Value at 35453-36125-36329 with the VWAP at 35557 and has left couple of daily VPOCs at 35743 & 34605 which will be the references on the downside for the coming week.