Hi David2000,
Thanks for your comment, but I'm not a guru. :-)

Your weekly chart looks to have captured most things to me. Prior
to buying Safeway it basically traded in a sideways range.
It was mainly a Northern company, but now it's competing in the
Southern heartlands and will have teething troubles integrating
and bedding down the Safeway aquisition. The pricing/margin squeeze
from Tesco/Asda/Sainsburys will exacebate these teething problems,
IMHO.

As you indicate, 180p would seem to be the line in the sand where it
becomes decision time to buy or sell.
If it holds, then as you can see on my shorter term daily chart, it has
a huge gap to fill, at leisure, before it meets any selling pressure
from folk who were left trapped on the drop open.

Don't know if any of that helps, but that's my initial take on the
situation.

Melnibone.