As a former competitive bodybuilder, there are few things more satisfying than catching a good pump.
Again, I’m strictly looking at the price movement.
I’ve drawn in a Fibonacci Retracement from trough to peak of the most recent upside run.
It looks to be consolidating for now…
But the first thing I noticed is that we’ve got a retracement down to the 78.6% level which has held extremely well. Typically, if this fails, all bets are off.
In the last couple of weeks, the price finally broke under the lows it had held since the turn of the year, but you can see that this didn’t last long… That’s a bullish sign.
Dip before the rip? Possibly…
Even better is that PUMP wasn’t demolished yesterday despite the broader market.
From here, we can take yesterday’s Before the Bell lesson and apply the price target concept derived from previous breaking points.
For a swing, the highlighted area marked with $12.00 at dead center would be the ultimate target with the recent breakdown around ~$10.85 as the first.
(That’s the end of the first leg up.)
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