South 32 (S32) has broken key resistance at R40 on Friday and made new highs. With the push in to the level for the fourth time we could see good volume before the break. With the trend up we see relatively low volumes indicating that there is very little sellers in the market and they are holding onto their stock. We can expect a good push up to the overbought trend line which has been defining the trend.
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After making new highs. S32 is pulling back to the break out level possibly before marking up further.
