Following the Wyckoff logic Shoprite is ready to start to be marked up in Phase E. Following a backup to the trading range buyers have stepped in around 20000 to 21000. Looking for a markup to break previous highs.
Comment:
On the daily TF we see some conditions entry setting up to go long. The downward stride has been broken after a Selling Climax (SC) and some absorption. We are now seeing increased volume on the up trend and lower volume on the pullback. We have now seen a high volume spring. In the coming week we will see if a lower volume test of the spring levels occur to go long.
Comment:
SHP is still lagging the market. The reaction from the lows has been very unconvincing. will have to see better action before going long.
Comment:
SHP has continued the backup and the OBV is still in a downtrend. Price is reaching the next support level and oversold line of the downward stride. Sill waiting for supply to properly kick in.
Comment:
The backup action has continued with the OBV still showing weakness and top of the accumulation range broken. Some increased volume is seen and a significant volume cluster is sitting at around 170. Will still have to wait for the market to show some strength before going long.