there would be too many sellers who have been patiently waiting...

there would be too many sellers who have been patiently waiting for a chance to sell out.

That's the definition of resistance, being the point where long-suffering losers have their first opportunity to get their money back. But once the price pushes through that point it means that every single shareholder is in profit. Ie. they're happy and not sellers.

There are a hundred variations of this, but its what makes new highs so important in my book.

Many long-dead spec ITs are coming back to life, its a market cycle. I'm not analysing it too hard..