Shorts are going to double and triple down to try to make sure that a test of 7.10 fails, or better for them, a test never happens. That is why we sold off from the high of the day after making a print of 7.19 in pre market. But just remember that the longer this stays above 5 -- loads of shorts below that price - the greater the incentive to eventually call the short trade out of the market. We should move up towards 7.10, and then we need a very high volume day with a close of 7.30 or better to move on to 8,9,10+.
This "run" has been going on for a couple weeks now. It started out as a "walk" but has picked up nicely this week into a "jog." I haven't seen a full tilt "sprint" yet, but as pressure builds on the shorts...we could well see that.