Since the lows, in March 2020 City Lodge Hotels has seen increased trading volume on the JSE at the 320 level and below. We have now seen a pullback to this level which is also the 50 and 200daySMA with increased volume significant bar. This looks like the markup in Phase D of the Wyckoff trading range and we can expect this to continue to the top of the trading range at the yearly pivot point around 670. After a test of this level, we will look for a breakout of the trading range and the markup in Phase E to begin.