The NF broke down from previous balance created on friday on bigger volumes than the past 4 sessions but had the customary rise in the close in the last hour
The BNF finished inside again yesterday within the range created on friday.
The chart below shows sellers taking control early in the day.
The charts are now enhanced to pick minor changes in volumes and hence even if we do not watch delta through the day it would be wise to pay careful attention to the changes when dpoc shifts as we now can clearly see who is controlling the volume of the dpoc.
The smaller OF can give us the confirmation bias for a good trade.
The profile chart shows the BNF in a larger range denoted by the profile from 26/03 to 3rd April.
We have kept the excess of 3rd april on chart to show that the buyers are not keen on prices above VAH and PDH in that balance.
Accordingly the profile has attempted a move lower below the balance lows of 12550 but not met new sellers yet.
For wednesday a look above VAH 12636 should mean one more attempt at 12720.
We can take a small trade above 12649 with a 20 point stop for 12700/ 12710.
weakness will continue if VAH is not taken out.
The NF chart above reflects the same as what is spoken above for BNF.
The DPOC change and the smaller OF confirms the sellers in operation.
The profile chart above confirms the larger sideways bias.
For Wednesday 6741 cross would mean an attempt for 6768.
Above 6768 the excess at 6796 would be challenged on the way to 6820.