S&D, S&R, Trends, Fork's and Turnarounds, page-518

COL today,

Gee, so little supply was drawn out on a sharp down day across the broader market, that it eventually closed slightly higher.

I am pretty sure that some would have liked it lower again (to allow time for the the 'offer' to reload), but demand is easily strong enough so that engineering a decent pull back probably becomes too expensive.
Anyway, it is fast running out of sellers at the minute.
Perhaps if the US pulls back a bit more, and out market follows in sympathy, it will worry some holders enough to flush out some more supply. If not, it may have to slowly grind higher to satisfy the underlying demand, but I don't expect a true breakout to be supported yet.

cheers

PS - I noticed a similar potential accumulation pattern on MMS over the weekend. I don't know if circumstances are similar there, or not. Perhaps I need to look more closely at the entire ASX 200 stocks, to see if there are others.

cheers