This is the Yearly chart and it carries so much weight.
We can see price traded lower into a deep discount of the range and we were stuck in a range for 8 Years dating back to 2015.
Looking more closely, this range where price has been trapped is a battle between the Imbalances (Grey zones).
Discount Imbalance sends price into premium imbalance and also subtly creates a massive pool of sell-side liquidity below it and just above the most discount imbalance(purple zone).
Premium Imbalance sending price back lower to run the stops below the most recent low and with the sell-side liquidity now paired with fresh institutional longs, I believe this could be the perfect storm needed to see higher prices on this instrument.
As nothing is ever certain in these markets, I would need to see this year close as a Bullish Engulfing to confirm a Bullish Bias, and if at the end of this year, we close lower than last year's low, then my Bullish Bias would be simply put in the back seat.
I hope you found this useful. Also, you can request insight on the instrument of your choosing and in my free time, I can take a look at it for you.
We can see price traded lower into a deep discount of the range and we were stuck in a range for 8 Years dating back to 2015.
Looking more closely, this range where price has been trapped is a battle between the Imbalances (Grey zones).
Discount Imbalance sends price into premium imbalance and also subtly creates a massive pool of sell-side liquidity below it and just above the most discount imbalance(purple zone).
Premium Imbalance sending price back lower to run the stops below the most recent low and with the sell-side liquidity now paired with fresh institutional longs, I believe this could be the perfect storm needed to see higher prices on this instrument.
As nothing is ever certain in these markets, I would need to see this year close as a Bullish Engulfing to confirm a Bullish Bias, and if at the end of this year, we close lower than last year's low, then my Bullish Bias would be simply put in the back seat.
I hope you found this useful. Also, you can request insight on the instrument of your choosing and in my free time, I can take a look at it for you.