easy · Order Flow Analysis absorption-exhaustion-imbalance

A trader is analyzing a bar in the 10-Year Treasury (ZN). The high of the bar shows an ask volume of 2 contracts, while the price immediately below shows an ask volume of 520.

What does this suggest?

  1. An institutional breakout is about to occur at this exact price level.
  2. The auction at the high is unfinished and must be revisited by price at a later time.
  3. Buyer exhaustion at the high, often called a 'single-print' or 'small print'.
  4. Passive sellers are heavily capping the market at the high, absorbing every buyer.

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