After a high volume selling climax (SC) we have seen the accumulation of Sasol stock. After a spring and signs of strength (SOS) with volume, price has broken the trading range. Now we have seen a pullback to the trading range. After a smaller trading range at these levels, the markup to around the R200 level is on the cards.
@hondsny, Looking for entries on the backup (BU) on the 1h will be on a lower time frame. On the 15min we are still in a trading range and probably only in Phase B following Wyckoff logic. There has been low volume going into the Easter break. So now we wait for the traders to come back. Price has held above 1/2 of the trading range which shows strength. Now we are looking for two potential points of interest; one will be a spring that could possibly test R40 but you would have to wait for a confirmed reversal bar so I would likely buy at higher prices than R40. The other point would be on a break of the R84 high confirming the start of the markup. So, for now, I am still waiting for the trading range to play out.