Sure, OK On the Weekly chart price accelerated up to 3.24 where...

Sure, OK

On the Weekly chart price accelerated up to 3.24 where it began to draw out supply, which is possibly profit taking, as the last time price was at these levels (for it to be stale supply from the left) was November 2005, which is a long long time ago..... (if this 2005 period is used, there is a line coming through @3.17).
Anyway, in a nutshell - if you are long, you want to see price breakout above that 3.24 line, as while price is below it, price remains vulnerable to a supply event. The last three bars show a potential shakeout, an over enthusiastic test, and an acceleration higher. Which in itself this looks quite promising, but the fact remains that while below 3.24 (or 3.17), price remains vulnerable. (see below for a daily chart).

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switching to the daily chart, to look inside the weekly bars,
It has to be said, that after price accelerated up to 3.24, that sideways up-down zig-zag price action is often indicative of supply coming in, and of profit taking of some sort in particular (if this is the case, it doesn't necessarily mean 'it is all over', but would be concerning in the short term).

Anyway, you can see the most recent shakeout, and the brief consolidation after it, then the acceleration higher, which all looks quite good.
But last Thursday's bar (the second last red one) had increased volume, and appears to have drawn out supply again.
And Friday's bar had even higher volume in a test like bar......
So, if trading early this week is positive in response to those last two bars, it may prove to be some form of the absorption process,
and if the trading is negative in response, it may represent ongoing supply issues, and the problems associated with that........

Finally, in a similar fashion to the weekly chart, price just needs to safely get above 3.24, to put all this questionable trading below it, and therefore out of danger.
And if instead, price broke down below 2.92 (or 2.85), I would be concerned that it was indeed a profit taking event, and the profit taking was now done and dusted, and those who had been defending the stock, and keeping it moving forward, may not be doing so anymore........if this was the case, a test of the next lower level (@2.45) would become a high probability.



cheers