Alexander Forbes has been in a trading range which seems to be accumulation. Volume increases at the bottom of the range and divergence of the volume RSI show upward pressure (Effort without response). We have seen a Sign of Strength (SoS) and Change of Character (CoC) after a spring and currently a low volume test has occurred.
Note
Things are not looking good for Alexander Forbes. Price broke below the trading range and has been unable to break back into the range. This looks very week and the original idea that this was an accumulation trading range needs to be reevaluated. Note
Seems I was early to call the spring and test. We see absorption volume and a low volume test indicating the markup in phase D to the top of the range has begun. Note
Markup in Phase D continues.
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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.