I reckon there is a very high chance this stock will go under $2...

I reckon there is a very high chance this stock will go under $2 shortly. There was a nice cup and handle setup on the chart a couple of weeks back, but the breakout couldn't sustain itself over the past two weeks. Big volumes traded but the price couldn't sustain itself above $2.70 and the chart has now put in a double top going back to the $2.71 high of 6 Feb '23.

The price opened by gapping down this morning and punched right through the 50 day moving average. It will be interesting to see if it gets support at the 200 day moving average, around just below $2. $1.94 is the 50% retracement of the rally from $1.10 up to $2.78, but there is a good chance this will go lower than that in the context of an overall market correction.

There is still a potential for a cup and handle breakout showing up on the weekly chart, with the cup formation starting in Feb '23, but I don't think market sentiment will support that sort of valuation at the moment.