In today's session the market moved in the initial balance phase (first 30 mins of RTH session) to the VAL level and gave us the opportunity to take a long trade as soon the market came back to test the lower extreme, the previous RTH low area. For the rest of the day the market one time framed higher to reach the mentioned target and left us with a nice excess high at the close.
However, with looking at the Yearly and Quarterly VWAP, we can see a one time lower bearish picture. The market is trading in both charts below the developing value and the previous value close areas. With a closer look we can actually observe that the market trading around the -2nd SD level of this year's developiong VWAP and seems to be supportive for the moment as Monday's session was an inside day.
Moving forward to the 240 minutes chart, we marked some potential areas that could supported the long trade for today.
Please note: The volume rolled over to the October contract. It could maybe make sense to roll-over our charts to the next contract.
We hope you done well today! Have a great day.
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
