No it doesn't have to close above, but it should trade above and make a bullish candle. There are roughly 2x the number of shares being traded here and the stock can't break to a new high. That screams distribution to me.
Saucy may think that the chart looks excellent, but technical analysis has never worked well with this stock, so we'll see who's right Drac or Saucy!
If .. . if this thing gets above 57.75 today, I would be a lot more bullish on it. I think it can go to 66