Unfortunately, things are not looking any better on the...

Unfortunately, things are not looking any better on the technical aspect. We have destroyed the key line at 16.5/17c that was a pivot point for this accumulation phase theory.

Next targets on the way down are 14c, way back from the 2020 chart levels as a resistance line.

Assuming that does not hold, we chase the 10/11c gap.

Of slight interest to note is the lack of resistance on the way back up, except for the 2 or 3 lines above whatever the current SP is. Except for the announcement last week that sent the sector into a brief frenzy, this has been a consistent pattern since we gapped down on the CR. Could mean sellers chasing the prices down, but I'm not sure that holds true given the lack of regular on market dumps. We have a big share dump from a few sellers every once in a while, then the sell line reloads.

I have never thought that the current open shorts have had a huge impact on the price action, there really isn't that many of them when you look at the whole %, but the way very few of them close out each day is interesting, especially when considered with the point above.

Good times....