A solid base is forming here at a major long term structural level, a zone the price originally broke out from back in December last year.
Zooming into recent price action, we have seen a couple of massive spikes in volume where the price was firmly rejected on the downside. The second spike carved out a slightly higher low. This is a classic Wyckoff indicator showing that floating supply is steadily reducing as the strong hands absorb what is left.
The volume profile reveals an interesting setup. There is a distinct lack of volume traded above the current price between 164p and 175p.
With an empty profile overhead, the price could break into this vacuum quite quickly once the remaining supply is cleared. The path of least resistance looks heavily skewed to the upside, and I certainly wouldn't rule out a swift retest of the recent highs. It is a highly compelling one to watch.
Price target: 200p
Potential reward: 21%
Zooming into recent price action, we have seen a couple of massive spikes in volume where the price was firmly rejected on the downside. The second spike carved out a slightly higher low. This is a classic Wyckoff indicator showing that floating supply is steadily reducing as the strong hands absorb what is left.
The volume profile reveals an interesting setup. There is a distinct lack of volume traded above the current price between 164p and 175p.
With an empty profile overhead, the price could break into this vacuum quite quickly once the remaining supply is cleared. The path of least resistance looks heavily skewed to the upside, and I certainly wouldn't rule out a swift retest of the recent highs. It is a highly compelling one to watch.
Price target: 200p
Potential reward: 21%
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.