Eric likely bought on TA indicators as only per his moniker " 'The trend is your friend' is not repeated often enough" - Paul Tudor Jones "
See weekly chart below. Donchian channel 100 day indicator shows the classic 'staircase to heaven' move up. Traders love these.
Buying on a short term indicator after a pullback has been easy money since July/Aug 2020.
That is why traders do not have to trade often to make money just stick to your favorite set up and go big.
Traders will likely be betting that this formation will continue until close to the split and that any sell off after the SPP shares are trading from 29th Nov will be a buying opportunity.
