.....and ta da......a gap up today above the swing high of April 11th......whoever bot that block wants to move them out while they can.....gapped it above a resistance level. Manipulated up to bring in late comers and encourage current longs to keep them long. Exhaustion gap? Already into the bar of March 19th and nearing the top of March 8th at 5.78. Should tag 5.78 and maybe even 5.84. But huge overhead there and not really attacking it with much force; volume is tepid going against the 7.45M shares on March 8th. The retracement back into the block trade price, $5.46 ~$5.48, will be a good place to re-evaluate.
Kind of a krappy klose. They gapped it up to the Apr 11th swing high of 5.59, ran it up to the 5-day pivot resistance-1 at 5.70 and then closed back under the 5.59 swing, at 5.56. Left a shooting star candle. The 14,3,3 full stoch is overbought at 89.5. The price is stretched well above the 8-day EMA. The volume was weak particularly for a gap up. Appears to be lack of demand as it approaches the high of the range, 5.78.
But hey, it is above the 8 day EMA and has been for 6 straight trading days. The last time it has managed that feat was October 4th, 2012 at $14.10. If they open it above today's close and get it above tomorrow's pivot of 5.59 then they'll probably take it up to the top of the range. If they open under today's close then they'll likely take it down to the vicinity of that block trade, 5.46, which will still be just above the 8-day EMA. The buyer of those 382,700 shares hasn't sold them all yet so he should defend his price. But if they take it up to the top of the range first, then he can sell them and has no reason to defend 5.46.
Bottom line is that this is in a trading range defined by March 8th. It needs a sign of strength, wide price range up with mulit-million-share volume. I've been saying that since way back, for over a year at least, because this has never had a sign of strength, never, plenty of SOW's but never an SOS. Now it is getting near the top of the range, in overbought condition, and it is dying on the vine; the finds and specs don't appear willing to take it and run with it. But without an SOS why should they?