from pre-open Wednesday 8th April
>>Lower/overlapping value areas have been narrowing over the last three days and volume has been contracting – with no significant selling to mark. Looks like Buyers resting so far and typical corrective action in an uptrend – i.e. no confirmation of a change in trend as yet.
An important point to note is that since the March low Buyers have responded every time they were offered price below 2daysVA (that’s the value area of the previous two days price action combined). Price below 821 represents such an opportunity today. If price is offered to the Buyers below 821 during today’s session we get a chance to see if they are still actively responding or whether control is shifting.<<
Pre-open Thursday 9th April
The buyers responded once again below 2daysVA and significant buying was marked. However, Wednesday’s value area was only slighty higher/overlapping on less volume, so this was not particularly effective buying activity. There seems to be a lack of directional conviction here which suggests ranging price action.
We await more useful information. Control may be shifting in the dayframe away from the buyers but until we see effective sellers emerge there is no convincing evidence. I repeat from yesterday >>In the longframe bulls would want to see value building above 830 and bears would want to see effective selling marked below 830.<<
