W7L ready to watch if the path of least resistance points upwardWarpaint London PLCLSE_DLY:W7LStockso_SimpleA credible looking base forming here along the 170p price level. The price falls look over for now as the price has tracked sideways for the past two weeks, slipping into compression. Zooming out to late April, we see an interesting anomaly, a massive volume spike where the price remained tightly locked. Classic Wyckoff absorption. The insiders were clearly cleaning up supply at the floor. Friday looks like things could have taken a turn. We had a very clean bullish up candle on the day, effortlessly taking out the sellers around the 185p resistance level. The volume profile confirms the thesis. There is a significant weight of volume at the lower end of this range, meaning institutional accumulation is likely complete. With the effort now showing a clear result, the path of least resistance is up. It is one to watch. Price target: 240p Potential reward: 28%