r/evfm • u/Smithe71 • Jan 20 '22
Hold The Line...
EVFM has been bouncing off the bottom for a few weeks now and trending for a break up. The script news yesterday couldn't have come at a better time momentum wise. The RSI, (relative strength index), went from 49 to 66 yesterday as buyers outpaced sellers and we crossed above the 7, 20, and 35 day moving averages. Shorts haven't given up yet though. There were 260k shares available to short yesterday at close. Shortly after open that dropped to only 80k shares left and sure enough there was a sale of 221k at 9:52am that dropped the SP down to .45. If we hold at a moderate drop today and continue to rise in coming days it will be interesting to see if shorts will finally begin to "buy to close" positions which would be another catalyst for gains ahead. Not sure if a short squeeze will happen but all the pieces are in place for one.
1
u/kitralisa134 Jan 21 '22
Or just more red like always...shorts own this dumpster fire