SAA: classic distribution as buyers run out of steamM&C Saatchi plcLSE_DLY:SAAStockso_SimpleThe trend looks like it is coming to an end here. Zooming in to the detail, there are clear signs that the effort to push this higher is exhausting. Prices have failed to make new highs since the 21st of May, carving out a slow series of lower highs instead. To me, that is a classic sign of distribution, there is a bit more desperation creeping in from the sellers to exit. Thursday’s price action was the real giveaway. We saw a massive amount of effort on the day with 6x the average volume, yet the result was a 3.5% drop right into the dead low of the session. That is serious price weakness. It feels like the sellers are firmly in control now, and this could continue downwards for some while yet.