EIQ Charting Thread, page-169

I am not fussed about $16k of shorts, especially since I am not short EIQ. The shorts might be concerned if prices move significantly higher.
Sideways price action is still dictated by the 22c to 28c range where day/swing traders play hot potato buying close to 22c and sell close to 28c.

Recent price action this week indicates that uptrend may be resuming and buyers are accumilating stock and clamoring over each other as buying momentum rebuilds. This could be confirmed if prices remain above the 25c level and continue to build towards 28c.

If the 25c zone fails, then we are likely to expect more range trading next week.
If the 28c level is attained, then the 'double bottom' formation would be completed but nothing to get excited about yet as there is a lot of overhead resistance above 28c to battle thru.

Price needs to move ABOVE 32c level for uptrend to resume, otherwise EIQ will just be in an expanded trading range from 22c/28c/32c (-/+1c).
If price fails at 32c, then moves back below to 28c but not below, then we can say buyers would have regained the advantage.

For bulls to truly be in control we need to see BOTH the following conditions:
PRICE STAYING ABOVE 32c
EXPANDING VOLUME as price moves above 32c, preferably 10x avg daily volume or greater on the day of breakout - like the Oct 2024 vol spike is ideal.
Levels stated are more like zones -/+ 1c or so for reference rather than precise razor sharp points of inflection.