The first day of a new series showed visible signs of short covering.
In profile charts it's easy to see this in the shape of the Profile which is it is a letter p closing near the top end shows that inventory has covered .
A b shaped profile on the other hand is longs being covered .
In this chart on the 22nd we see April futures move in a small range in the morning before selling off and closing at the lows. The price at which the aggressive sell off took place is 5416..Subsequently we saw value in the shape of those green horizontal lines shift lower , go sideways and finally on 30th we had a move up in value. This should put a touch of 5416 back in play provided Value area low at 5388 is defended throughout the day.
We need to see a continuation of value flowing upwards and intra day we can watch for range extensions above IB as a confirmation that value is built up. This was visible in Friday's activity and buyers need to do more of that on Monday to continue the trend.
The BN shows similar activity and 10395 represents the first test for these new buyers from Friday.