So far on the day time frame we have failed to break below that 38.25 level we spoke about pre market which means that we will likely get rotation up towards todays VPOC @ 43.50. A break above this would see us head toward 48.00 and then back up to new highs at 50.75. Weekly Value is at 46.75 and buyers will need to push through this to commence its rise to new highs.
The fact that we didnt break the 38.25 level tell me that buyers are still in control at this time. The market is currently balanced now.
As mentioned pre market we needed to see the 38.25 level tested for the 3 day RTH profile to balance out.