Following on from September's evaluation (See link below) the following. The pullback after the breakout seem to be a formation of a new trading range. Following the Wyckoff logic the breakout was on relatively high volume and the pullback to the previous trading rang a Automatic Reaction (AR). We have had another test of the bottom of the new trading range with demand again stepping in at this level. With the Rand (ZAR) strengthening this gives more confidence to this evaluation. With high volumes at the bottom of the new trading range it could be and indication that this is a re-accumulation trading range developing. For now we are looking at a test of the top of the trading range to see how it reacts.
Comment:
Just as for FSR there is a strong move to the top of the range.
