hard · Volume Profile Analysis auction-market-theory
Copper futures open with a gap below the prior session's low. The first bar tests $4.28, roughly matching a weekly low-volume node, and closes at $4.285, near its high. The next three bars grind sideways in a tight ten-tick range around $4.29 on progressively thinning volume, and the session ultimately closes at $4.288.
Which open type does this describe, and why is the sideways grind afterward consistent with that classification rather than an Open Drive?
- Open Rejection Reverse, since thinning volume is really a drive signature.
- Open Test Drive, testing a low-volume node before the grind digests it fully.
- Open Drive, since the gap and strong first-bar close show a decisive print.
- Open Auction, since a gap into a tight range is always definitionally rotational.
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