Technical Summary: The Sydney Airport chart looks constructive for further potential upside. In the wider scheme of things the stock is within a long term up trend. The stock peaked in the middle of 2016 after running up from around $3 per share in the preceeding 4 years. After peaking at around $7.50 in mid-2016 the stock pulled back about 20% to the low point indicated on the chart. The stock then rallied up to its previous highs of $7.50 before pulling back another 11% (marked on chart above). This looks like the formation of a volatility contraction pattern. Where the sellers of the stock are slowly disappearing. We have drawn on the chart what we would ideally like to see now before the stock attempts to embark on further upside.
