Hi Jim, I just had a quick look at the weekly chart of EOS
Yes there was some serious buying (or accumulation) off the Coronavirus Lows (CV Lows).
I estimate there was really strong buying below $4.00, with the upper limit of the potential accumulation being about $4.70 (marked)
Above that is the breakout level of ~ $6.50 (arrowed), above which I expect will be some increased selling pressure (resistance).
So there was strength (buying) in the background.
The real question is the bar arrowed more recently (??), that pushed higher on very high volume, but closed poorly.
I guess that was on some sort of news announcement, and it drew out some really serious supply (selling).
That was used as a liquidation event for some in this market - perhaps it was some of the accumulators off the CV lows - I don't know.
That might mean the strength (buying), has already taken profits and gone.....
I don't know.
Anyway, the market may just be attempting to consolidate in response now.
All that recent supply would have done some damage, so it may take a little time for the market sentiment and the share price to repair and recover.
For me, on this weekly chart, a clear break and close below that 5.26 level (marked), would be a bit of a concern in the near term, and may indicate price will return to the old accumulation zone.
That said, for longer term positions, I expect considerable support would emerge again, if price broke back down to the accumulation zone again.
View attachment 2349266cheers
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