Murray and Roberts has been in a long trend with redistribution stepping stones. However, the resent trading range is showing Signs of Strength (SOS). There have been high volume, wide spread green bars showing demand for the stock. Price has broken out of the trading range and backup to test the trading range again. The stock now looks ready to start the markup in Phase E of the Wyckoff phases. The point and figure chart indicates a count well into the previous range and even testing the upper resistance line of the previous range.
Note
A strong move today could indicate the markup is starting. Note
The backup to the TR could be complete and a markup could now start. Volume has dried up and will be watching for the move higher.
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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.