Welcome to a special edition of
"It's toss a coin time".
This is all just technical analysis, and does not predict what fundamental news may eventuate or what future shorting activity or short covering there might be.
Here is the daily chart for the last six weeks. The blue line is the 200-day simple moving average. The downsloping line is the top resistance line of the downtrend that began at $25.95 on 28 December 2023. In other words, the SP is banging up against a conjunction of the two most powerful technical resistance levels on the chart.
The SP has made four attempts in the last six days to break through these two lines, and so far it has been beaten back each time.
The SP looks unusually determined. The recent upwards channel looks strong. This channel could continue to rise by several dollars if the major downtrend resistance line and the 200sma get broken soon. If the resistance gets broken then technically this would be a strong buying signal. However, if the SP bounces off the two strong resistance lines and dips again, then technically the major downtrend will continue for the time being.
To figure out whether now is a good time to sell or buy,
"It's toss a coin time". There are only a few days left before the SP has to either break upwards out of its longterm downtrend or be forced sideways out of the recent upwards channel. Well actually, by adding in some fundamentals such as good progress on the phase 3 trial plans and the possibility of a short squeeze, then I think that the odds are probably better than 50-50. Although remember that betting on pharmas such as NEU is always 100% a gamble.
(20min delay)