A genuine support break or a shake-Out/spring ? More time ( weeks) required to conclude exactly which. My stance is that it may be the later as of this writing. If my analysis is correct, I expect the low made 4 weeks earlier at $3.89 to hold. A new low, lower than this level negates the whole analysis if we are to take a medium to long term view. This medium/long term view may suggest a potential accumulation TR so far.
How about in the short term ? Bar of three weeks earlier confirmed a BULLISH PIVOT ,OFF the SUPPORT and price action in the short term is headed north. A close above $3.75 which holds would turn the long term bias back to a BULL MODE if and when on hand. But for now, one may lower their TF to daily for further short term clarity. What I would want to see on the daily TF is a Follow – Through on today’s bullish development. If on hand ,over the coming days, that would add an extra weight of evidence that the weekly support break was most likely a shakeout.
A game of probability this TA !
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