The invisible hand ...A bit of a break-of-support selling climax today, but with no material follow through by nervous sellers. At least not sufficient to satisfy all the lined up buy tickets.
It's now (again) particularly obvious this deal has plenty of horse power behind it, even in the $4.00 area. Probably some shorting activity today too - hoping to see a pullback to $2.95 area. Good luck!
Very unlikely we will break down further, or even plunge back to near today's $3.71 low. One caveat, in that today's $4.05 close is a hair below the Bollinger band's center line (20-day exponential moving average), so price is technically still in the lower 2-standard deviation price channel, right at some resistance.
In a strong uptrend, prices usually fluctuate between the upper band and the 20-day moving average. A crossing below the 20-day moving average warns of a trend reversal to the downside. We just went through that.
Let's see which way it turns on Friday. My bet is a higher close. Doesn't need to be much.