JSE:BAT Brait Accumulation?
After the selling climax in March, we have potentially seen an accumulation trading range that is ready to break and start the markup. Price is wedged between the 50 and 200SMA and contracting. There is a negative divergence in the Volume RSI. The Relative Strength to the Top40 is showing an increase and is above the 55SMA. There is volume in the up moves and higher highs are forming indicating Last Point of Supports (LPS) are forming. A break above the 200SMA and breakout of the Trading Range could move back to the yearly pivot point or at least the previous support around 1000.
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