Wednesday saw sellers responding in the 849 area and again yesterday, but not as effectively – Thursday saw buyers initiate a Range Extension above Wednesday’s VA.
Thursday saw active, effective buyers generating a higher, narrower VA and increased volume.
This indicates follow through today and we should see the 849 high exceeded during today’s session. I see a target of 854.5 if that breakout occurs.
Price pre-open has been consolidating above 836 (1/2 Range support off the Jan 20th low). That’s usually a bullish short term indication and I would expect that level to support price today at least until we see a new high for the week.
