JSE:SLM Sanlam Back to Test the Bottom of the Trading Range
Sanlam has formed a trading range (TR) with a selling climax (SC), automatic rally (AR) and secondary test (ST) of the SC. After this, the stock has moved into Phase B and upthrust (UT) testing the top of the TR. With contracting volume, a drop to test the SC in phase B can be expected. This could see a decline to test R70 or R65 before continuing the TR.
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After a backup Sanlam is continuing to move to the bottom of the TR.
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There is some high volume indicating supply on the current push down.
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The path lower to the bottom of the TR is continuing.