It’s debatable this triangle is a bullish or bearish pattern, but it like is about to make a big move.
The brokerages (for example TD Ameritrade) are making the short borrowing on this stock quite expensive and won’t let people buy using margins, since both upside and downside risks are very big.
The thing is a lot of the current stock holders are no weak hands and they are locking up the floats. The short side have less and less shares to borrow.
There are still a lot of buying interest that are waiting on the sideline for the price to drop some more to hop in. So the downside is protected, if the price goes further down at all, it will likely fill the gap to $45 at the lowest abd go up again.
There is a good chance though the stock will move up in the coming week, then panic covering and FOMO will kick in.
The brokerages (for example TD Ameritrade) are making the short borrowing on this stock quite expensive and won’t let people buy using margins, since both upside and downside risks are very big.
The thing is a lot of the current stock holders are no weak hands and they are locking up the floats. The short side have less and less shares to borrow.
There are still a lot of buying interest that are waiting on the sideline for the price to drop some more to hop in. So the downside is protected, if the price goes further down at all, it will likely fill the gap to $45 at the lowest abd go up again.
There is a good chance though the stock will move up in the coming week, then panic covering and FOMO will kick in.