Using Volume Profile analysis to show where the XRF price can be heading after such a great run in April.
During consolidation period followed by a move higher, the price pulled back toward the previous Point of Control (POS) before the position was defended and price bounced off before moving higher.
Prior to the big move up on 14-Apr, the POC was clearly building around the 1 - 1.03 level. If it falls below the 1.15 level which happens to be the 0.618 Fib level as well, it will most likely fall back to around the 1.00 level as there is a low volume profile region below 1.15.
My expectation is that this position around 1.00 will be defended as the fundamentals for the company remains strong. This could also be a good entry point for those who missed the initial run up.
During consolidation period followed by a move higher, the price pulled back toward the previous Point of Control (POS) before the position was defended and price bounced off before moving higher.
Prior to the big move up on 14-Apr, the POC was clearly building around the 1 - 1.03 level. If it falls below the 1.15 level which happens to be the 0.618 Fib level as well, it will most likely fall back to around the 1.00 level as there is a low volume profile region below 1.15.
My expectation is that this position around 1.00 will be defended as the fundamentals for the company remains strong. This could also be a good entry point for those who missed the initial run up.