KNM- After 'running out of puff' at the previous highs, price has pulled back and is currently consolidating the previous gains.
(so in a nutshell, it got a bit over extended at the previous highs and demand ran low, then in response the short term and momentum traders sold out, and that caused price to pull back somewhat, to the point where enough demand has now come in to support the price. Since that happened, price has started moving sideways and the process of absorbing supply has begun. Wyckoff called this the re-accumulation period. And if all goes well, a new base is formed at this level from which price can accelerate away from again in the future. Just be aware that price is a little more vulnerable to a serious supply event during this time, so you don't really want any bad news events that will affect the stock, sector, or overall market at this time..... so far it all looks OK anyway ).
cheers
