Been out all day, this is a good result on rising volume which...

Been out all day, this is a good result on rising volume which is now close to the long term average. Looking at the 5 minute intraday chart it looks to me that 70 cents is still resistance. Ideally we need to see the buy queue with a 7X consistently at the top of the queue and the bulk of the intraday price action above 70, not below 70 as it still was today, except for a flourish at the close.

The candlestick pattern today is still bullish, hope it keeps up and this week or so of action around 70 will have mopped up a lot of sellers, so much the better. However the short interest holders haven't given up, the percentage of short action on Tuesday was around 50% and yesterday 30% and that is likely the reason for 70 cents being tough to crack.  As of the latest data 4 days back, residual short interest was still climbing and adding the last couple of days there is still a surprising level of short activity.

I don't think the battle is over by a long shot. The pattern of short activity is consistent with what we have seen for over a year as the selling pressure steps up on the rallies with increasing short activity and we know they have deep pockets. We need to see the buying sustained, price recovering, and at some point the shorts have to cover, they must be hurting.

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