IMO.
Charting is not reliable based on a single day of gain due to low volume (holiday season) with high volatility expected.. Traders know how to play the market by accumulating shares at very low price 5-6C, once they have accumulated enough at low price, they would break the resistance (buy $76K worth of shares in one hit) to allow others to enter .. There were too many gaps above 6C with no resistance on Friday. Buy Order just kept coming in to buy it from the market causing the SP to move up in big percentage..This is very useful tactic due to low volume (holiday season) and it is not new to me as I do trade regularly.. i am also suspecting the same traders did start selling to the make some quick gain the in the last hour or so..
If the accumulatorhe/she was accumulating it for long term. Why wouln't he/she continue buying it 5-6C "silently" as we were not expecting any news next few days ??
Hopefully I am wrong..
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