19th May 2020

NF had a huge sell-off at the first hour which is also due to BNF ultra weakness. 

NF closed near day low at 8829.5. 8810 is monthly VAL, which might act as support for a short while. expecting a gap-up open.

NF VAs

VAH - 8930
POC - 8880
VAL - 8820

BNF VAs

VAH - 17910
POC - 17610
VAL - 17460

Hypo - 1 - If price opens below YVAL, potential COD, but COD might fail. price might drive down towards 9765 (8th Apr VPOC) and then bounce up towards 8900 / 8950 levels.

Hypo - 2 - If price opens above YVAH, it might drive up to 9000 / 9060 zone. If 9060 zone breaks, price can head higher towards 9150 / 9180 zone. If 9060 zone is not broken, price can reverse sharply towards YPOC 8880 and Y.low (8820)

Hypo - 3 - If price opens inside YVA above YPOC, it might take support around POC and break of 8920 zone, price might drive up to test 9000 / 9040 zone. If price opens inside YVA below YPOC, it might take support around YVAL and drive up towards 9000 levels.

Side Notes:
1) Yesterday indicates a sharp sell-off with spike in ViX of almost 8%. ViX closed around 40.92
2) Important zones like 9010 and 8910 broke in a swish and briefly, indicating future price weakness
3) BNF cleared all the lower VPOCs, there are no VPOCs left on the downside
4) For NF, breaking 9040 - 9070 zone is important for further upside and for BNF breaking of 18300 / 18350 is important for further upside
5) Moving forward, Be cautious going long.


BNF Daily Profile
NF Daily Profile

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