I'd estimate 6M were short covering today & that accounted for an upside of only $.01. When the shorts stop covering the price will fall fast & hard. The $4.90 price brought the shorts to the table in the first place yesterday.
Where do we go from here? I believe the short covering can hold the price around $5 for another day or even two, but I just do not realistically think it will based on what happened today when 7.37M shares were traded.
In reply to my previous post not one person on this board would admit to buying more shares over $5.
Who buys when RSI is saying overbought @RSI 74 ? Answer: shorts are buying to cover and the squeeze was for $.01 upside today with over 7 million shares traded. The longs selling and the shorts buying today had to be close to equal if the price only rose $.01. Think about that.
You will likely find that the short interest will not have dropped much, if at all, by the next short update. One group of shorts selling to another group of shorts selling. But I think the amount of short action the last 2 days is probably NOT the major reason for the spike. We shall find out soon enough. You need to stop prognosticating because you are really quite poor at it.
"When the shorts stop covering the price will fall fast & hard"...why are the shorts covering at all if it would drop if they didn't cover? You should go on u tube and alert people to all these maxims you use and how they apply. We all could benefit from knowledge.