After a sharp decline with a Selling Climax (SC) Old Mutual has been ranging. Now after some low volume accumulation price has pulled back to the bottom of the trading range also on low volume. The spring off of support has been on good volume and after a test, we can expect a mark up in the Trading Range (TR) in Phase D to the top of the TR. We can then look for the breakout out of the TR.
Comment:
OMU is now testing the top of the TR. Will be looking at how price reacts/breaks the TR to see if the markup in Phase E will continue.
