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.
Comment:
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.
Comment:
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.
Comment:
Markup in Phase D continues.
