A test is either a downbar, or if it closes level (or just slightly as an upbar), it should show the majority of its trading as a downbar...before closing lvel or as a slight upbar.
Today RXP did not trade lower at any point in time, and only traded higher......it was a bit of a nothing bar really.......
It does however bounce a bit off of the breakout line, and in turn offers some confirmation of the lack of selling pressure on Friday, with that low volume you mentioned.
And it also closed back at the highs of two breakout lines........should it accelerate away now, you'll look back and see a short sharp 'test of the breakout'.
I try not to bang on about manipulation, or controlling interests, too much,
but whoever is driving this stock appears to be doing it by the book.
Flipping out short term traders regularly, pulling back when it encounters supply, and either consolidating or accelerating higher when it doesn't.
Finally, yes you could trade for expected momentum like that for sure, but it wouldn't be off of a test (which is fine, as Friday's bar found 'no supply', and that is a test really).
