At first when this broke 7 I thought for sure it would go to 8.50 but now I am not as confident. The fact that it failed to make a new high today before doing its pattern sell off makes me think maybe the shorts are overpowering this faster than I thought. Also the 20 day is literally right at the 200 day which could be strong resistance or it could be temporary weakness there and break through. Its hard to tell what it will do in my opinion so I would always be cautious with tight stops and fast reaction time so you don't get blown up.
I also wonder if whoever may be pumping this knows we all think its done and is drawing shorts in to squeeze the crap out of them. I would not be surprised to see this only be the fist leg and have another huge spike because I have seen it before with others...DQ and FU come to mind.
I also wonder if whoever may be pumping this knows we all think its done and is drawing shorts in to squeeze the crap out of them. I would not be surprised to see this only be the fist leg and have another huge spike because I have seen it before with others...DQ and FU come to mind.