On Monday there was a rejection of the price probe up into the high volume area at 872. That’s the second time within the last ten trading days.
Tuesday saw active, effective sellers, generate a lower wider VA, and increased volume. Price was quickly auctioned back to last week’s poc around 825.
A lower or overlapping VA is likely for today, and a break of yesterday’s low. The 840 area should limit upside today and it is quite likely that 825 will attract volume. Until effective buyers re-emerge the short side is favoured.
