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Sunday, January 15, 2023 5:59:32 PM
Hey FFS, correct me if I'm mistaken but I see very little resistance to getting up to $ 2.85 to $3 area.
Actually there's quite a bit of overhead resistance. For starters, we are dealing with a Bearish Island Reversal (pink shaded area) marked by the R-IT gap and the DU Gap. Any pullup that negates the influence of that pattern breakdown, needs to chew through the down TL, Ice Line, and purple shaded area on strong volume.
So far, volume is relatively weaker than the other rallies/breakdowns on the chart.
IMO, the volume indicates primarily short covering on the heels of the price squeeze breakout (similar to 2021 -green arrow), a pattern that is vulnerable to higher price rejection as we witnessed in 2021. It's tempting... but dangerous IMO.
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