Key points :
The stock consolidates within an , it gets rejected from that significant confluence zone (circled on the left). It makes higher lows but not higher highs, buying pressure slowly builds up, people gain in confidence and are willing to pay higher prices to get on board.
Finally, the stock breaks out - psychological shift in people's mind, they expect the price to go higher, therefore they are willing to pay higher prices. The pullback is caused by profit-taking. In fact, we see a decrease in that might keep on going today.
The is only a reference point, other people are monitoring these levels, which make them significant.
We will monitor the circled zone and wait for a "confirmation" that tells us that buyers are stepping in and that sellers are losing control.
Thanks for reading and if you have suggestions or want to discuss the idea, just leave a comment, I'll be happy to answer.
***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it only takes ONE trader to deny your trade.***