NF Weekly Profile (17th to 23rd Jun 2022)
15573 [ 15716 / 15202 ]
NF continued last Thursday’s Trend Day Down’s imbalance to the downside with a lower opening on Friday after last Thursday’s settlement at 15348 as it remained below last week’s Value and went on to make new lows for the series at 15211 forming a large IB (Initial Balance) range of 216 points and formed a Normal Day and a perfect Gaussian profile with a prominent POC at 15311 and continued this balance on Monday where it made marginal new lows of 15202 leaving a second successive Normal Day with completely inside Value.
The auction then gave a move away from this 2-day balance with a gap up on Wednesday right into previous week’s Value and made a trending move higher for the majority of the day as it confirmed a weekly FA at 15202 but made similar highs of 15716 & 15714 displaying exhaustion just below the prominent weekly POC of 15740 which marked the end of the upside for this week as the dPOC also shifted higher to 15689.
More confirmation of this came with a gap down open on Wednesday after which NF made multiple REs lower and made a low of 15757 taking support just above the 2-day composite VAH of 15346 signalling demand coming back to defend this zone as it build good volumes at 15405 and gave an OTD (Open Test Drive) to the upside from here on Thursday resulting in another big IB range of 198 points and though it made couple of REs higher could only manage marginal new highs of 15610 & 15629. The failure to extend on the upside meant the buyers were doing a bad job and once the day’s VWAP broke in the F period, it led to a big long liquidation drop to 15360 where once again the OTF buyer showed up trapping the late shorts and inducing a short covering squeeze back to 15598 with a Neutral Centre close at 15573.
The weekly profile is a Normal Variation one with mostly lower Value at 15262-15286-15514 but has closed well above the VAH & has confirmed a weekly FA at 15202 so the PLR (Path of Least Resistance) for the coming week will be to the upside with the weekly VPOC of 15740 being the initial objective above which the 1 ATR target of 15838 and the higher weekly VPOC of 16400 will be the swing references.
BNF Weekly Profile (17th to 23rd Jun 2022)
33187 [ 33641 / 32335 ]
BNF also opened with a gap down on Friday after last Thursday’s settlement at 32633 and made new lows of the series at 32335 in the A period but left an initiative buying tail as it got back into previous week’s Range & Value giving an ORR (Open Rejection Reverse) on the higher timeframe indicating limited downside for this week. The auction then formed a nice 2-day balance with the composite Value at 32641-32731-32848 & made an initiative move away to the upside on Tuesday where it trended higher for most part of the day scaling above previous week’s POC of 33452 & the VWAP of 33563 but stalled right at the Trend Day VPOC from 16th Jun of 33634 marking the end of the upside for the week.
BNF then made a lower open on Wednesday and formed Value in the singles zone of previous profile as it took suport just above the composite POC of 32731 forming a nice Gaussian profile with a prominent POC at 32895 & gave an OTD higher from here on Thursday as it raced to 33445 in the IB forming a large 606 point range but stalled just below the weekly POC of 33452 and showed exhaustion by the buyers triggering a big liquidation break as it not only swiped through Wendesday’s Value but almost completed the 80% Rule in the 2-day composite too while making a low of 32656 taking support just above that VAL of 32641 & gave a nice bounce to close this settlement at 33187.
The weekly profile is a Normal Variation one to the upside though Value was mostly lower at 32587-32857-33163 as the auction filled up the low volume zone of previous week and staying above this week’s Value, the PLR for the coming expiry week would be to the upside with this week’s VWAP of 32966 being an important reference.