Looking at the recent chart, have we just seen another bear trap similar to what we saw back in January/February 2024?
The drop below support at $0.78 in 2024 and support at $1.20 just recently both share some similar characteristics - including:- occurring at the end of a sustained period of consolidation
- a rapid drop below what had become a significant support level
- quick rejection of the drop back up to and above the prior support level
- significant amounts of doom/pessimism on HC, including high levels of posting from resident contrarian indicators like @dory (who all seem to have now disappeared).
From here, ideally the support at around $1.20 needs to hold and form a base to build a bullish move off of. The move after the last bear trap was about a 130% increase, which would give a price target of ~$2.80 from here if it were replicated. Such a move could potentially be supported by anticipated fundamental news due in the short term. As they say, history doesn't repeat, but it often rhymes.
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