Hi all,Was mapping out some levels and zones that might come in...

Hi all,

Was mapping out some levels and zones that might come in to play last night, so thought I'd post them. Below is a zoomed out weekly chart to form a bigger picture, another weekly which shows a closer look at the recent trading behavior a bit more clearly without the noise of the daily chart, and also a daily to have a look at the last few weeks.

In addition to major S&R levels based on previous major highs and lows, I've drawn blue rectangles to show the obvious thick trading zones from the past.These are identified by the High Volume Nodes shown with the Volume Profile (horizontal bars). Price often tends to react or bounce off the edges of these thick trading zones, or once inside these zones can bounce around a bit. One reason is that these areas provide logical spots for large market participants to park their buy and sell orders to "hide" their volume with less chance of moving the market against themselves. You could think of them as areas where there has been a significant battle between buyers and sellers that leaves behind a strong support and resistance level. In general, thick trading zones from the more recent past tend to have more impact than from the distant past, and of course if they coincide with other significant levels and chart patterns that a lot of market participants can see then they come in to play quite reliably.

The daily chart shows quite a few areas of support just below where price currently sits, but it's clear there has been some significant supply drawn out above, which may need some time to work through before moving higher again- unless an announcement blasts through it of course. There is potential for quite a large trading range to set up as price consolidates/ re-accumulates, and as volume has increased dramatically recently the process could move a bit quicker than in the past. So possibly a bit of fun for both traders and any long-termers looking to build a position coming up!

I hope this made some sense- good luck everyone.