Pre-open Monday 29th June
Last week I marked one instance of Significant Selling and three instances of Significant Buying. Although last week saw the Buyers more active than the Sellers the Value Area for the week as a whole was overlapping/lower. The previous week saw the Sellers more active than the Buyers and the Value Area was obviously Lower. This suggests that in the Longframe the Sellers are more Effective than the Buyers.
However, in the dayframe the Buyers are back in control after Thursday’s surprisingly good (to me) performance. The First Level S/R marked all last week at 907.5 was the area of support on Friday and again very early pre-open today. Until Significant Sellers reappear (Red) and price is back below 907.5 I cannot be short.
I’m very interested to see if Significant Sellers try to reassert themselves this week – price above 930 might do it.
