Couple of personal observations on the price & volume structure. I'd say the time and price action is still in tune with it's dominating character, i.e. surges up, meets supply, comes back down to test a recent support area. Simple enough.
A major change in character was last seen August 2020 which set into motion the current trend with respectable momentum. The recent sell off was quite sharp but the corresponding volume bars suggest to me they were small positions keen to catch a potential announcement surprise. Weak hands to strong hands transference is my current idea.
From here.. not sure in the short term and not bothered. The 43EMA seems to historically be a demand area and we're seeing lower price rejections along it, so that is a positive. Low volume retest of pivot is a high probability characteristic of breakouts (displayed on the weekley) and is usually a place that breakout traders will take a starter position (with tight stop). Further consolidation and a grind upwards towards ATH is my medium term prediction.
8CO Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
