SFR: distribution or just a pause at the highs?Severfield PlcLSE_DLY:SFRStockso_SimpleInitially I viewed this as a distribution event from the analysis that I set out below, but since the UK announced support for first time buyers and help to buy, I am wondering if this could support their sales? Maybe not, maybe there isn't that much steel that goes into homes, its mainly bricks and cement? We could be seeing a very long period of distribution playing out with the steel fabricator Severfield. The price has essentially flatlined after a strong move from 28p to 38p. It’s now very much in a tight sideways pattern, and I noticed a strong spike in volume on Monday, which could indicate a seller still trying to get out. Anyone with a longer term view should pull up the bigger picture here, because there was a significant gap down in price back in March 2025. It then traded its way back up to a high of 38p, which is exactly where we are today. So I’d be asking the question, fundamentally what has changed since March 2025? Did tariffs have an effect? Or is cold rolled steel sitting at a three and a half year high putting the brakes on construction? 3 Jul 2026: Perpetual Limited cut its stake from 13.03% to 12.91%. 15 Sep 2026: Perpetual Limited cut again, from 11.91%