Your logic matched what the charts were implying yesterday.
I need intra-day charts but the microtrend seems to have been an ascending triangle to $1.05 from .90. Ascending tri's mean that when the resistance ($1.05) is broken, the target high will be that pps plus the difference btwn the starting bottom ($.90) and itself, which is 15-cents. Do the math, you get $1.05 + .15 = 1.20 for today.
In the larger view, you have RSI increasing from 50, which means it should be gaining momentum. Plus, the MACD(12,26) has reset, which means that people who bought a month ago and those who bought 2-3 weeks ago are all content with the price right now being fair value. So, with that base, plus increasing momentum, you get a higher pps.
Longs would just want to hope that that continues because if the pps trades below $1.22 for too long, the MACD will down-cross and that's a sell signal.
;)
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