SKUL has a habit of sucking you in during the morning hours when it might appear that it is breaking out. Then it leaves you holding the bag when it fades away in the afternoon. I suppose if you believe that SKUL is on its way to a significant advance it really doesn't matter much where you buy it. But is the best entry point usually right at the close?
There is supply above. Look at your chart, Jan 2nd to mid February. It will take a lot of effort to get thru that. The CM (composite man / operator / big smart money) can't jump the creek until he has sucked enough sheep into buying at higher prices and holding the bag there (building cause to go higher). The more at higher prices the better because the less likely they will take profits while he is trying to jump it over the creek.
Today's action was a CM campaign. He bot at yesterday's close and big blocks this morning to create a rally that ramped it back up to the creek, the supply line, and then he sold into that rally. Then he was done and went golfing in the afternoon. He accomplished 2 things. He made a nice profit and he got more sheep to buy at higher prices.
When you see it start to hold just under the supply line with little price bars and high volume that will be your clue he's ready to launch it. Because little bars with high volume at resistance indicates that the CM is absorbing sellers. He will be holding it up waiting for the funds and specs to take the baton and launch it for him. This will probably coincide with earnings release since the sheep need an excuse to buy.
The reason it fell back down Wednesday is because the CM was done working after 90 minutes and went golfing. He bought in the morning, created a rally, and sold into the rally all that he wanted to sell 90 minutes later. He wasn't there to hold it up. The sheep are fractious, there capital is not concentrated, they had no direction so the price drifted lower the rest of the day on low volume as they sold one by one.
But the CM will be back to buy at lower prices, near or above $6.10, and repeat the process. I'm waiting to get back in when I see stopping action, probably today, Thursday.