NF Daily Plan | 12th May 2025 EOD Report
Daily Market Profile Chart :
Contextual Analysis :
Previous Session Recap (9th May):
NF closed near 24,080, forming a balanced profile with a downside PLR (path of least resistance) below 23,970. Weakness was expected below 23,970, targeting 23,870/23,840, and further down to 23,640 if breached. On the upside, resistance was noted at 24,320/24,350, with further targets at 24,400 and above that, towards 24,630/24,720.
Recent Price Action:
The latest session opened with a gap up and initiated an open drive, decisively moving above all marked resistance levels with strong volumes. The initial balance (IB) extended to 24,830, followed by a clean extension in the G period, resulting in a trend day that closed at the session's high.
Volume and Profile Observations:
Heavy volume activity was observed throughout the session, but the VPOC (Volume Point of Control) has not yet migrated to the top, indicating the day was overextended. If the next session opens within the previous day’s range, a balancing auction could occur for a couple of days before the next directional move.
Profile Structure:
The current market profile shows a multi distribution structure, with the upper distribution providing support at 24,940/24,960. A move below these levels could trigger a repair of the previous profile, targeting 24,680.
Key Levels to Watch:
Supports:
24,940/24,960 (upper distribution supports) & 24850/860 levels.
Below 24,860: potential repair down to 24,680
Upside Triggers:
Any gap-up above the previous day’s high (PDH) can quickly target 25,140, 25,180, 25,219, and 25,357.
Summary:
The market has shown strong bullish momentum with heavy volumes and a trend close at highs. However, the lack of VPOC migration and the overextended nature of the move suggest a potential for short-term balancing if the next session opens within range. Watch for support at 24,940/24,960 and monitor for upside acceleration on any gap above PDH, with targets up to 25,357.