I prefer identifying horizontal trading ranges (TR) but in the case of Mondi I will make an exception due to the clear change of character (CoC) that was seen in the previous decline. At the end of 2018 we have seen a decline that has never been seen in the stock before, with some volume. The attempted rally has been weak and I am expecting a markdown to begin. The TR also started with the largest decline at the time and volatility has been increasing as the slanting TR developed indicating distribution.