The chart and drawing should be all you need to understand what I am seeing here.
This past 2 week runup, we broke out from below the January 2021 high (Which was holding as resistance). The price was rejected at the (.382 fib level) and came back down to retest support at the (.236 fib Level). Todays candle puts us right at what looks like very strong support. Previously when above this level, we have bounced right off and continued to trend up. We will need to see volume of about 1 billion to 2 billions shares traded over 2-3 days next week to see new ATH. This volume will mostly be institutional and shorts continuing to cover short positions.
This past 2 week runup, we broke out from below the January 2021 high (Which was holding as resistance). The price was rejected at the (.382 fib level) and came back down to retest support at the (.236 fib Level). Todays candle puts us right at what looks like very strong support. Previously when above this level, we have bounced right off and continued to trend up. We will need to see volume of about 1 billion to 2 billions shares traded over 2-3 days next week to see new ATH. This volume will mostly be institutional and shorts continuing to cover short positions.
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