AUPH, Squeeze Released but Bounce Off Strong Resistance
AUPH, Squeeze Released but Bounce Off Strong Resistance
The price trends have been squeezing within the flag for quite some time which correlates with the squeeze indicator. Hard resistance levels have been spotted. I anticipated meaningful upward/downward movement as we reached the tip of the flag. We broke through upwards today, but the lack of volume was met with the end of day retracement as we hit resistance.
Right now, the squeeze indicator signals that the security is still ready to move, however, $6.40 proved to be continued resistance. RSI (30m/1m) has also been exhausted, sitting on the high side at 61 making it a difficult to justify any further upward movement due to recent low volume and volatility.
MACD has crossed above the signal, but the channel is narrow and starting to flatten out.
My prediction, we are bouncing off $6.40 and heading back down into the $6.25 range until we get more volume in the future.
First analysis, any and all feedback is welcome. I do have a long position set up. Thanks!
The price trends have been squeezing within the flag for quite some time which correlates with the squeeze indicator. Hard resistance levels have been spotted. I anticipated meaningful upward/downward movement as we reached the tip of the flag. We broke through upwards today, but the lack of volume was met with the end of day retracement as we hit resistance.
Right now, the squeeze indicator signals that the security is still ready to move, however, $6.40 proved to be continued resistance. RSI (30m/1m) has also been exhausted, sitting on the high side at 61 making it a difficult to justify any further upward movement due to recent low volume and volatility.
MACD has crossed above the signal, but the channel is narrow and starting to flatten out.
My prediction, we are bouncing off $6.40 and heading back down into the $6.25 range until we get more volume in the future.
First analysis, any and all feedback is welcome. I do have a long position set up. Thanks!
Comment:
We held near to top of the channel on relatively high volume at the end of the day. Could be preparing to test the upper-level of resistance.