ESNT 86p breakout on 2x volume a structural shift in sentiment.Essentra PLCLSE_DLY:ESNTStockso_SimpleAnother well-formed base being tested with the potential for a reversal. Zooming out to April, we see an impressive amount of volume coming in, yet the price barely budged to the downside. An immediate volume and price anomaly. Sellers were throwing stock at the market, but the strong hands were sitting there absorbing every single share. Since then, the price has tracked sideways in tight compression. The 86p level was clearly where the remaining sellers were sitting. That ceiling shattered on Wednesday with a very strong bullish engulfing candle on twice the average volume. Effort and result are in total alignment, validating a structural change in sentiment. We have seen a slight pullback on very low volume since, which looks like a normal test of the breakout level. It is a prime one to watch over the coming week. As a plastics and oil-fed products manufacturer, macro input costs matter here. Trump has recently hinted at the Strait being opened again. I wouldn’t place too much emphasis on his word, but a drop in oil would act as an excellent catalyst for this margin-sensitive share price. The 86p mark is our clear line in the sand. Price target: 108p Potential reward: 24%