I was looking at this chart last night, and was considering the...

I was looking at this chart last night, and was considering the same question.
There is some evidence the stock may be being bought, but is made to appear weaker than it really is.
Although I am not certain of this yet.
Only further trading will confirm either way.

The volume on the reversal is important.
I prefer to see higher volume on the downbar and lighter volume on the upbar, as this suggests (to me) that it is possibly a deliberately engineered shakeout over two or more bars, to remove supply waiting above the current price, in preparation for a further mark up in price.
Now when the volumes are the otherway around, and the downbar has lighter volume than the upbar, it suggests that 'if it was an engineered shakeout', it may not have been successful in shaking out the supply above......or that price was falling for 'natural' reasons, but for an unexpected reason (perhaps an announcement), stock was bought which formed what looks like a two bar reversal, but is actually one that was not deliberate, and therefore may not be defended and subsequently marked up on response.

A weekly chart is read in exactly the same way as a daily chart, or any shorter timeframe.
However, on that chart (above) this week's bar is not yet complete, and cannot be analysed yet.

hopefully that helps......

cheers