Investec has formed a Trading Range (TR) after Preliminary Support (PS), Selling Climax (SC), Automatic Rally (AR) and Secondary Test (ST). There has been low absorption volume in Phase B and we have now seen a spring and test in Phase C. After the test is done we can expect a markup in the TR in Phase D to the top of the TR.
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Price found some resistance at about the midpoint at the Preliminary Support (PS) low. Will be watching for a break of this and move to the top of the Trading Range (TR).
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After finding some resistance there was a concerning decline. However, it was on lower volume and made negative divergence on the Volume RSI. Still looking for a test of the top of the range.
