Just a short note before I head off so this may seem a bit...

Just a short note before I head off so this may seem a bit rushed.
Today to me felt like a combination of profit taking from the recent rally, and accumulation around 7.00 and under. It is interesting to note that the largest volume of transactions (on the 1m chart) today happened at the close (See below) - Around 39000 units


This is very telling - taking advantage of the profit taking and add to positions at the daily low. After the closing auction, it looks like a price cap around 6.99 that will no doubt be lifted before open tomorrow, we have seen this multiple times. Still, I'm happy to be wrong, maybe these are genuine sellers.



Biggest sell was around 2:30pm (just under 26000 units)IMO this was because the intraday support broke, which is an exit signal for intraday trade.
The gap up on May 5 caused a market imbalance that was not mitigated later that day (price only retraced to around 6.93, but there was still a gap between 6.89 and 6.93. Gaps dont always fill, but in any case, it has now been filled, nearly perfectly as price moved to around 6.88 as you can see in the chart.I dont like to make predictions, but with CPI coming out on wednesday, I think this is a time where price will consolidate, and if CPI figures are good, I think we may see the rally continue later this week as we expect good news on the horizon. Personally I have no issue with price taking a breather for the next leg up.

On the hourly we are seeing the 9 period and 13 period EMAs converge, suggesting that we are in a pullback, note the 9 has not crossed below the 13 yet.