NF Daily Plan | 5th June 2024

Daily Market Profile Charts :

Contextual Analysis :

NF had a gap down opening below PDL and swiped all weak references and cleared 7 months of OTF up today with highest volume for the day.

NF probed till Feb lows and bounced back to close at VPOC of the day on a DD profile. Today got buying tail from 2 day balance of June month and bounced to closed at VPOC. NF got VPOC skew into the lower distribution and is advantage for sellers.

With this VPOC skew sellers objective is to hod on to the DD extension handles and build value in the lower distribution next session to probe further downside levels.

Today we got a large move so could balance in this lower distribution for couple of session and then could extend down further. This DD extension handles near 22380-22490 is a potential zone for sellers to reload on pullbacks with in this lower distribution.

Any acceptance above 22490 is to look for reversals till 22650/22745/22870/22925/23000 levels.

Weak below 21480 targeting 21208/21070/20970/20866 levels.

Below 20850 levels targeting 20750/20700/20668/20612 levels.

Levels of Interest :

NF bullish above 22190 levels targeting 22310/22380/22489 levels.

Above 22490 levels targeting 22665/22690/22755/22881/22930/22996 levels

Above 22996 towards 23000/23047/23180 levels.

NF bearish below 21740 towards targeting 21553/21476/21330/21265 levels.

NF weak below 21260 levels targeting 21208/21132/21070/20970/20987/20866 levels.