After a strong markup out of the accumulation trading range, there have been two steppingstone re-accumulations. The markup has broken the initial increasing trend channel and has now formed a steeper channel. Last week though we saw a climatic bar on volume and a strong reaction of the highs. There is divergence with the volume RSI. This indicates that a trading range is likely to form. After completion of the Automatic Reaction (AR) we will look to see a Secondary Test (ST) of the highs and then watch how the trading range develops.
Commento:
The TR has now moved into Phase B.
Commento:
A break below the TR is indicating weakness.
Commento:
Heading back to test the 200DayMA and Yearly Pivot Point.
