On the above monthly chart price action has enjoyed a 180% upward move. There is evidence in the chart for a strong pivot, which includes:
1) Price action strikes legacy support for resistance test.
2) No market structure backtest to confirm support on breakout. A 40% correction is required to confirm.
3) On the 5 day chart (below) 17! Green candles print until market resistance. This is the strongest rally ever in the history of this stock before a market pivot. Previous to that was the 9 straight green candles on October 2016, which was followed by a 25% correction.
4) Short interest, 4%.. the market is far too bullish.
Is it possible price action continues to rise? Sure.
Is it probable? No.
Ww
5 day