After distribution and markdown, we have seen climax volume as buyers are stepping in. Price has now broken the downward trend it looks like the price could be breaking higher.
Glencore stock is still being distributed by large interests and there is no sign of a recovery. After a redistribution range price is ready to take the next step down.
Anglo American has been trading in a well defined upward trend (see posts below). After testing the oversold line there has been a good advance and the recent highs are being tested. A break of the highs should see a test of the top of the trendline.
Tiger Brands have is in the process of being marked down (See posts below) in a series of redistribution stepping stone. The latest redistribution trading range (TR) has seen a change of character in Phase D and I am now expecting the TR to be broken. Some consolidation at the breakout level can be expected but after that the next step down is expected.
Following the markdown of Redefine Properties (See posts below), we have seen a smaller redistribution trading range (TR). There have been signs of weakness (SOW) with volume increasing on the highs pushing price lower. After an upthrust (UT) and Test, we are seeing price being marked down. This could just be the start of the further markdown.
In a previous post (See link below) the theory that PSG is being distributed by the large investors was put forward. We are now seeking the start of the markdown in Phase E of the distribution and there is likely to be more downside to come.
After a good markup phase, Discovery has undergone distribution. After a breakout of the distribution trading range (TR) price has backed up (BU) to the TR and is now pushing lower which could be the start of the markdown phase. Volume has declined on the BU and divergence with the volume RSI indicates a continuation of the decline.
Tiger Brands has traded in a redistribution trading range (TR) and after breaking the TR it has attempted to break back into the TR but was unable to so. We have now seen signs of weakness (sow) which followed no demand on the increase. The previous attempt to rise with volume (effort) showed little response indicating that sellers are in control. After some...
After distribution, Sappi was being marked down. However, we are seeing very high volume that has been increasing and this week the highest volume was recorded. In spite of this high volume, the price has been trading in a very narrow range around the key R40 level. It seems that large interest buyers have stepped in and a break of the narrow trading range could...
After breaking the distribution trading range (TR) we have seen a backup to the TR and now price is breaking lower. This looks like the start of the Phase E markdown. Increased volume on declines and decreased volume on attempts to rally indicates supply overcoming demand and large interests distributing the stock.
Reinet is being marked up but is now overbought. With some volume at the upward stride trendline, we could see a correction in the short term. See posts below following the accumulation and markup.
Following the distribution and now the markdown for RMI (see posts below) we seem to be ready for the next leg down.
There has been an effort to push price higher without response. The effort is seen in negative divergence on the volume RSI and in the volume. I previously interpreted (See post below) this as buying pressure but the lack of response is pointing to supply being dominant. The markdown is set to begin.
JSE has been following a declining trend in a series of stepping stone redistributions. We have again had a test of the previous breakout level and the downtrend is set to continue. There is significant volume on down bars and divergence with the volume RSI.
Nedbank has been testing key support that has become resistance at 25000 and it held. With little buying interest price is now pushing lower.
After the break of the trading range (TR), we have had a backup (BU) with some extra effort but the price could not break back into the TR. After waiting some time for the BU to complete (see post below) the markdown phase E is beginning.
Famous Brands has been in a redistribution trading range (TR) and we have been looking for the markdown to continue after a backup to the TR (see post below). The backup (BU) action has formed a smaller trading range that has indicated upthrust ( Which is also the BU of the larger range ). Now we have seen a last point of supply (LPSY) and selling volume on...
Cashbuild has broken out of the redistribution trading range (TR) and has attempted to rally back into the TR (See post below). The 26000 level has proven strong resistance with high volume rejection. After this strong selling, we can expect the markdown to continue.