Extreme upper and lower bounds are $3.85 & $3.35, respectively. Marked in green dashed "lane" lines. We can expect price to be in this range unless a significant catalyst occurs.
Describing the chart:
Since we are playing a metrics strategy, I removed the EMAs at they were no longer relevant to this short term play. We have 4 key indicators, , , and Stochy/RSI. The SQZMOM is just for visual fun; but nonetheless can be useful for show explosive movement or short coverings, giving false positive momentum. New trend-line consolidation is drawn over the previous ones on new longer resistance and supports to still show consolidation target of $ 3.74.& $3.75. Remember this price, it is important later. A heavy black is super-imposed to allow us to question why it did not break resistance. This is clear and prevalent multi top. A slight bump signaled potential but shortly died there after. Ascending Triangle Pattern: is typically supposed to break north if resistance cracks. Perhaps it is misidentified and it is just a multi-top and not a .
Dashed Red: Resistance @ $3.74/5
Dashed Blue: Tier 1 Support @ $3.60
Dashed Blue: Tier 2 Support @ $3.50
The important price: $3.74/5
The close at $3.61 is important today, because it tests the first line of support, opening opportunity for Tier 1 dip-buy. I committed 400x shares. Exit strategy on this lot is risk reward 2.21, stop loss at $3.45. Depending on Pre-market and open, exit strategy for gains are laid out by Fibonacci Re-tracement. Target goal is to retrace the Fibonacci's 61.80% and test $3.75 again for breakout, exit if fails or sentiment fails earlier. However, if the adverse were to occur, an another unique opportunity opens to double position size at Tier 2 . It's retracement, means selling lot 1 breaks-even and selling the new lot 2, netting roughly 0.15c gain per share. Holding out longer... well... we will see if it shoots the moon or eats more dirt beyond Tier 2.
It is also important to take notice of the indicators. Stochy/RSI shows oversold. Buying oversold means quick execution, driving price action into favorable territory. It appears to trade below the lower band of before close, indicating sell side pressure. is required at open to afternoon to make quick action . It has been for the most part consistent.
Pre-market is currently tracking $3.72/3. Chance to test support.