The recent flurry of activity in oil managed to shift the volume point of control (noted as a VPOC line on the chart) higher. This suggests that the upward price discovery process is showing success. When value moves there is a more sentimental shift in the perceived worth of something as opposed to just wild price discovery/movement.
Also, note how price went and tagged the former VPOC overnight and saw a sharp reaction. There not only are other time frame (OTF) sellers in this market, it’s not attracting buyers of a similar cloth as well:
