Trend update: Volume Profile and POC
Currently the stock is in no mans' land in the middle of its price channel.
For those of you not using the volume profile for your trading here's a good example of what you can see.
Firstly on the hourly chart above we can see that the Point Of Control (Horizontal Red Line) was at $12.47 while the stock consolidated in the Bull pennant from last week. Point of control is the spot where the most volume was traded, and can act as support or resistance depending on what side of it you are on. Note how today, the share price retreated down from it's overbought peak yesterday, touched the POC before moving up today.
Note as well on the hourly chart the upper price bounced off the white line of the trading fork.
Now if we shrink to the 5min Chart
We can see that a new point of control is being created, at 13.20 which is where the price is resting now during the middle of the trading day.
Depending on overall market action We will either see a return up to the upper boundary (Red channel line) around 13.95 or a retrace down to the older point of control or belwo where it meets the lower (green) channel line.
My guess is is retraces lower before higher and that we see a price somewhere between 12.25-12.50 which for me is the buy zone.
For those of you not using the volume profile for your trading here's a good example of what you can see.
Firstly on the hourly chart above we can see that the Point Of Control (Horizontal Red Line) was at $12.47 while the stock consolidated in the Bull pennant from last week. Point of control is the spot where the most volume was traded, and can act as support or resistance depending on what side of it you are on. Note how today, the share price retreated down from it's overbought peak yesterday, touched the POC before moving up today.
Note as well on the hourly chart the upper price bounced off the white line of the trading fork.
Now if we shrink to the 5min Chart
We can see that a new point of control is being created, at 13.20 which is where the price is resting now during the middle of the trading day.
Depending on overall market action We will either see a return up to the upper boundary (Red channel line) around 13.95 or a retrace down to the older point of control or belwo where it meets the lower (green) channel line.
My guess is is retraces lower before higher and that we see a price somewhere between 12.25-12.50 which for me is the buy zone.
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