i think you might be confused. The spike was not DUE to the...

i think you might be confused. The spike was not DUE to the chart but the chart shows likely areas of support and resistance.

Likewise anyone with a bit of nous might acknowledge that the chart stopped downtrending some weeks ago, indicating a sudden drying up of selling pressure (Kircher).

No "because" involved. Just confluence.

A healthy respect for charts can save one from alot of disappointment. Why hang on to something that is being talked up but sold down? Why sell something that is being talked down but bought uo?

Market forces speak louder than imaginary projections. Especially in a bear market