Another day another analysis.
The past two days have looked stronger than you may think. Let's look at the chart.
Sitting right at the top of the Bollinger band, strong signal that the upside will continue. Still large volume today and yesterday means that the ~$15-16 USD range is going to act as a strong base for us going forward.
200DMA moving upwards, Bollinger Bands slightly still expanding, looks bullish.
The hourly chart will paint us a better picture for our baseline.
MASSIVE wall at 14.50, just as I've been strongly stating throughout this run. It acted as the signal to the upside on the left arrow, when we sold off it acted as support with a strong bounce, and again another test and won back.
14.50 will continue to be acting as strong support moving forward, if we fail a test at 14.50 I would expect 12.10 to come.
Bollinger Bands are tightening again indicating price movement is imminent. This can be in part of the fact of the BB Investor Information Seminar tomorrow
Baird 2021 Global Consumer, Technology & Services Conference
I doubt anything huge will be announced here but more information is always better.
RSI looking healthy.
Upwards wedge appears to be forming and lines up nicely with the Bollinger Bands. There will be movement either tomorrow or Thursday I am expecting a 20% pop to the upside.
A lot of calls at $15 this week, expect to stay above this with all the strength and momentum BB is showing right now.
Immediate resistance shows ~$17.20 USD. Acted as support in the January run on the 25th and 26th but now is acting as a strong wall. After $17.20, $20 is easily in sight.
Reducing my EOW target of $24-33 to $20-24, to stay conservative, though one solid piece of news tomorrow can make the difference.
Volume is critical. Definitely has slowed down Friday Monday and again today but eyes are still on us. This is technically speaking this is great play right now, run up hard with a healthy pullback into a cup and handle. Strong baseline which is pushing higher highs and higher lows. Massive support at 14.50 with strong upside potential. Easy 50% gains if volume comes back
Still extremely bullish.
Take care, and stay healthy.
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