There was a hint of daylight yesterday and more so today with a...

There was a hint of daylight yesterday and more so today with a build up of volume on the buy side and the first positive candlestick pattern after three consecutive bearish days. Today was a bullish Harami and a potential tweezer bottom but on lowish volume and confirmation is needed. Unless one of the heavies decides otherwise the bottom looks to be close. Sometimes they back off for a day or so to let the volumes build so we need to see how it pans out tomorrow.

The technicals look to be aligning somewhat in the right direction with the retrace back to the start of the bounce on August 31st which aligns with the the Fib -61.8% retrace around 42.5 cents.A retrace of 61.8% from the high seems a lot but it isn't all that unusual with the main objective really being to form a higher low which it will do if it holds around here and rebounds northward.

It needs someone to accumulate about 15M shares to reach the required 5% threshold for a substantial holder notice which seems a big ask considering the volume turnover only averages about 600K/day including both exchanges. So it doesn't seem likely soon unless the recent buyer during the two downlegs since the 4C in July was already holding.  Even assuming they bought 250K/day it would take about 60 trading days or some 3 months to build such a stake unless of course they managed to get some off market.

Daily COB September 14th