Interesting... VWAP from March 21 lows @ 16.5c = 38.2%...

Interesting...

VWAP from March 21 lows @ 16.5c = 38.2% retracement
VWAP from 6 Jan 21 (first session of 21) @ 14c = 50% retracement
VWAP from March 20 lows @ 11.5c = 61.8% retracement
VWAP from 28c peak = 20.5c as of today's close.
*VWAP = volume weighted average price for those not familiar, it's what insto's trade on.

You can see the volume profiles line up nicely as well.
200 day Volume Point of Control at 16.5c
Monthly POC at 17c, you can also see price being rejected at prior month POC at 23c, in addition to the down trend line.

in a nutshell, the chart is telling us this story.
Short term bears are still in control, or more precisely, it's still flushing out trapped short term longs from the past 4 months, who have bought in a down trend, whose average price is now 20.5c.
if we break 16.5c we flush out longs from March 21.
If we break 14c we flush out longs from Jan 21.
11.5c will be the truest test of conviction and bull trend continuation from the COVID lows.