NF Daily Plan | 5th Jan 2024

NF Daily Market Profile Chart :

Contextual Analysis :

NF Previous session we had a close via mini spike. Supply was in control of the auction. If they don't get a follow through expected a short squeeze. Today NF open inside value, ignoring the spike. Then started accepting inside previous session tail zone via a short covering profile and later by the end of the session make a quick upside spike in M period. NF OTF down invalidated and is back to balance. Spike rules apply for next session. Spike zone 21785/21810 levels. Build value in spike or above spike is a bullish outcome. Value below spike is bearish outcome. Next important support at today VPOC. We got a short covering profile so bulls need to build higher value next session to maintain daily OTF up. If NF breaks todays VPOC then we can say back to spike not getting follow through is a way of market getting into balancing auction.

Levels of Interest:

Bullish above 21810 towards targeting 21824/21873/21885 levels.

Break and hold above 21885 is targeting 21933/21945/21965 levels.

Break and hold above 21965 is towards 22025 levels.

Bearish below 21770 towards 21750/21730 levels.

Break and hold below 21730 towards 21686/21658/21616 levels.

Break and hold below 21615 levels towards 21580/21564/21521 levels.