Based on EcoPetrol SA ADR weekly chart, a clear smart money campaign happened from accumulation (stage 1) followed by mark-up (stage 2). Smart money took a 5 months, from May 2017 to Oct 2017, to accumulate, with the evidence of Sign of Strength as iVSA chart above. EcoPetrol SA ADR broke through the resistance level in Oct 2017 with volume. Smart money continues to mark-up the price in few weeks after the breakout.
Price is consistently moving upwards. EcoPetrol SA ADR reached maximum high and we can see great profit taking have take place. To ensure the smart money continues to participate on the uptrend, we prefer to wait for more Sign of Strength.
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