medium · Volume Profile Analysis reference-levels-migration

A trader identifies a possible short setup. The prior session's VA was [5565, 5585]. Today's developed VA is currently [5540, 5560].

What does this 'below value' relationship suggest?

  1. A failed auction, since price never properly returned to test the prior session's VAL.
  2. A bullish rejection, as price has pushed away from the high-volume node sitting near the 5575 area.
  3. A rotational session, given that the two Value Areas remain directly adjacent to one another.
  4. A bearish bias, as the market is successfully re-pricing fair value at lower levels.

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