While the strong bottom has been formed and MA breakout occurred, the correction to the upside could be expected. There are several resistance levels to watch, first is the $32 area, where price bounced previously two times. Second is a 61.8% level at $36. And final upside target is at 76.4% Fibs at $40.
The $40 price seem to have the most resistance as previously it already acted as the resistance and besides, it is a round psychological number. If/when this target is reached, the potential growth would be 60% from the current price, which is quite a strong growth, considering that this is a short to medium term opportunity.
Having said that, downside risk remains, but only daily break and close below the established low at $20 could invalidate outlook and result in a continuation of the downtrend.