Yep, this looks like it is in accumulation mode to me.......probably since that big nasty shakeouty thing in occurred early March on fairly high volume.
That last widespread upbar looks like it was designed to buy up the whole 'offer' stack, but following that there was no demand for the upside (to breakout). Which is understandable (if it really is in accumulation mode). I can only guess (because price doesn't always follow the 'normal' rules in an accumulation zone) that price will grind lower now, to a point where there will be a rough looking shakeouty bar of some sort again (or two bar reversal etc), and then the offer stack will be bought up again (over one or a few days). This sort of process may continue for some time, at least until their position size is satisfied, or demand becomes so strong that they can't hold it back any longer, or time has come to begin the markup (to coincide with some ongoing good news flows etc.).
