NF & BNF Daily Plan 4th Sep 2024
Daily Market Profile Charts :
Contextual Analysis :
NF previous session we had a 2 day balance and closing around the 2 day composite VPOC. We had unfilled rollover gaps in the zone 25220-25280 levels. Our bias was that as long as gap held NF could attempt to make a fresh ATH.
Today NF open near 2 day composite VPOC , swiped below multi-day low and in fact that’s a freak tick and bounced back sharply to make a short covering profile in first session. NF later went above this P shape high looking for fresh demand and this did not sustain and we came back and closed below VPOC near DVAL of the day.
A short covering in NF. NF bullish only above today high of 25380 levels targeting 25400 levels. Acceptance above 25400 levels targeting 25450/25500/25600 levels.
NF week below 25320 levels targeting 25280 levels. Acceptance below 25280 levels targeting 25220 levels.
BNF Daily Market Profile Chart :
Contextual Analysis :
BNF previous session we had a 2 day composite 3-1-3 profile. With this 3-1-3 profile we need to look for acceptance or rejection in the extremes to get a directional move or mean revision move. Acceptance for a directional move and rejection for a mean revision.
Today BNF open near 2 day composite VPOC and was balancing in a tight range without testing any extremes. This tight balance was there till D period and later in E period we got a swipe down to test the 2 day composite selling tail and made a low of 51525 levels. With previous 3-1-3 when this tail was swiped in E period we got a clean rejection. BNF bounced back into the morning balance and later by EOD gave a large spike in L period and closed a day high. Spike rules applicable for next session.
Spike zone is 51690-51885 levels. We have a weekly high at 51730 levels. So as long as weekly high 51730 holds BNF could get some acceptance in the spike zone and target towards 51924/950 levels.
Acceptance above 51924 levels targeting 52040/52080 levels. Above 52080 levels targeting 52170/52300 levels.
BNF got some weak references below at 51520 levels but as long as this spike holds these weaker references can wait to get cleared. BNF weak below 51730 levels targeting 51654/51550/51520/51500/51480 levels.
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