A 4% move on a flat tape and on higher volume than the previous 6 days is real good. TA is forming a nice looking U-shaped bowl. One would expect that a move up to 8.63 will occur over the next 1-2 trading days. A move through there and 8.89 (the pre-market high of 8/7) would set TA up for a test of 9.86, the high of 8/26 and low -end of the Gap Down. TA moves really fast, especially given its volume, so it hard to know what time frame it will need to continue the move up. Much more often than not, the next 1-2 days of trading will be to the upside and potentially substantially so (but, of course, not 100% of the time). At some point, we will hopefully see some sideways action in preparation of a further move up.
It has not been down to 7.00 in this move but since I sold my position yesterday (see posts), I am not terribly worried about today's selling. I did attempt to buy some shares at the close, but missed. BTW, that is my bid at 8.00 for 4,000 shares, feel free to hit it and/or if you want to short more, I will put in a larger bid at a lower entry point.