Following the Wyckoff logic Shoprite is ready to start to be marked up in Phase E. Following a backup to the trading range buyers have stepped in around 20000 to 21000. Looking for a markup to break previous highs.
Note
On the daily TF we see some conditions entry setting up to go long. The downward stride has been broken after a Selling Climax (SC) and some absorption. We are now seeing increased volume on the up trend and lower volume on the pullback. We have now seen a high volume spring. In the coming week we will see if a lower volume test of the spring levels occur to go long. Note
SHP is still lagging the market. The reaction from the lows has been very unconvincing. will have to see better action before going long. Note
SHP has continued the backup and the OBV is still in a downtrend. Price is reaching the next support level and oversold line of the downward stride. Sill waiting for supply to properly kick in.Note
The backup action has continued with the OBV still showing weakness and top of the accumulation range broken. Some increased volume is seen and a significant volume cluster is sitting at around 170. Will still have to wait for the market to show some strength before going long. 
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.
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.