Looking a little toppy here after a strong run up from the lows earlier in the year.
The price is now approaching a previous area of resistance around 117p and Friday’s session raised a flag. A classic doji candle, which is about as indecisive as it gets, with an upper rejection wick that failed to make a new high. Volume behind that move was twice the average. Big effort, no result. That is the kind of footprint that suggests someone could be using this level to quietly unload a large position.
Could be the start of distribution. Could be a pause before another leg up. But the weight of evidence at this level leans cautious for me.
One to watch closely next week.
Price target: 106p
Potential reward: 10.1%
The price is now approaching a previous area of resistance around 117p and Friday’s session raised a flag. A classic doji candle, which is about as indecisive as it gets, with an upper rejection wick that failed to make a new high. Volume behind that move was twice the average. Big effort, no result. That is the kind of footprint that suggests someone could be using this level to quietly unload a large position.
Could be the start of distribution. Could be a pause before another leg up. But the weight of evidence at this level leans cautious for me.
One to watch closely next week.
Price target: 106p
Potential reward: 10.1%
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.