I think we're past the euphoric phase as the resistance has been taken out easily.
Looks like this might be the real deal. The increasing volume usually means that sentiment is changing and the price will reverse. But RICK is now in a sweet spot. The float is low, the product seems to be catching an eye, and there seems to be a feeding frenzy going on at the potential of:
1. A good mix of products
2. The chance to catch in on a momentum play.
3. A prolonged uypswing as those that choose to be contrarians to short the MO will get their head handed to them in this environment.
I'm looking out for a capitulation day. It'll look like a huge breadth day on over 1M shares. I didn't think we'd be getting there this quickly.
The average volume in RICK over the past five sessions has increased to about 150,000 shares daily versus a norm of about 50,000. The stock is up 17% over that same period of time. It certainly appears that someone is building a decent sized position in this name. I'm keeping a close eye on the technicals; right now my short term target is $12 but if the momentum players jump in $15 is obtainable.