Expectations today are rather simple. We have a large three-day value development occurring at these highs. From Wednesday-Friday the market worked a value area with the control level between 1626 and1627. Three VPOCs are stacked up at these levels.
Overnight we put a high in at 1627 in near-perfect confluence with the above value area. Where we trade in relation to this level for the remainder of the day could be very telling of the market tenor for the week.
The overnight session started with a gap lower and thus far has been unable to recapture. The action resulted in three rotations and a balanced session occurring almost entirely within Friday’s value area. This tells we we’re still in balance, for the most part. If the market continues to build acceptance below the value area, we could expect the next exploration of price to be lower, in search of buyers.
Ohh , balance is important in all aspect of life, Yes..
It should be a very interesting week, for sure.
Thanks, Sir Raul.
Glad to see you back on the front line. Such a great team of bloggers..yeowza!
Building acceptance on the topside Sootz, but no fireworks yet, still in “the balance zone”.
Glad to be back