Arm is the bottom in?

NASDAQ:ARM   Arm Holdings plc
This is my first thesis based on TA. The trendline held support on daily and MACD is starting to curl to the upside. On the first earnings this stock has made quite the move to upside ranging from $75 to $164. I am targeting $117 as long as earnings are in favor. On the other hand, when the stock made 52 week high market has anticipated that the corporate will dump their shares after the expiry and it did not happened. Currently institution holder are holding more then 90% shares which giving me additional confirmation that they will most likely beat the earnings.

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