AS we begin a new series from tomorrow, let's have a look at the background which has brought prices to where they are currently.
The charts above show the volume profile in purple where the big volumes have come.
The bigger the bar horizontally, the bigger is the volume at that price point.
In the NF selling volumes have come at 5390/ 5380 / 5342 / 5366.
Today's POC was at 5216 in the May series.
Being an inside day and since the distribution was normal the value area tomorrow is more important than other days. Hence if the Value is exited and an IB built outside this value, it will signal the first change.
Broadly speaking an unmoved above 5216 should target 5266. Above 5266 we have a low volume zone and prices should move upto 5342 quickly if they sustain above 5266.
On the downside the previous series low of 5155 become an objective as soon as value area low is broken.
The BN shows a seller at 10260 immediately above which is a selling tail and the POC of a previous profile. Both of them put together mark the area as a point of rejection of an up auction, hence it will be important to see what reaction w get again if we approach that level again.
10136 is the POC and the bias will remain positive if BN trades above this point,.