The chart is an intra-day chart of the past 30 days of 60 minutes duration currently reflecting an ES value of 1072 and we are 3 hours from the close.
The volume profile on the right shows a high value zone at 1083 levels, which in my opinion is a decisive zone for the future of that market.
Quite simply put, if prices rise and stay above this level then we can see 1148 being printed again.
Though it's doubtful we will get past that level today, it is a level to keep in mind since we will be certainly looking at a test of our 5065 level tomorrow.
Bear in mind that just before we closed, smart money closed a lot of short positions in the last five minutes.
The green bars on the right testify.
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4 comments:
Matt Simmons stated yesterday that BP could go bankrupt this summer. Simmons, of course, is a well known expert on peak oil. Anyway, Matt provides a grim update on the BP spill. He thinks that there is another plume of oil that is 5-6 miles from the “tiny” leak that BP is trying to cap. This other plume is gigantic, perhaps discharging 120,000 barrels/day into the Gulf. He thinks that BP will go into chapter 11 by the end of the summer. http://www.simmonsco-intl.com/research.aspx?Type=msspeeches)
so, BP may have a say in sudden bouts of news sentiments and rates of market ... this season ...
goodnight shai,
I truly WANT BP to go bankrupt. I would rather not use oil but leave a sea full of oil for my children and grandchildren to live with.
Gm Shai
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