EXOL - Exolifestyles Inc.Follow up

EXOL is way up today with a huge igniting bar closing near HOD. There has been no news on the ticker since April so some are speculating that it will hit anytime. Who knows... So I'll deal with the technical aspect since that is what I trust.

 

The Chart look like it's catching fire but there is a few resistance levels that give me concerns on the long term charts. 

Firstly, .008 is a major resistance level on the weekly chart and the daily alike. It looked like a potential bottom on it's big decline last year and a good place to play a bounce. As such, there will be a fair number of folks who bought there and watched it continue dropping. Now they will be looking to get out once it hits that level again so they can at least break even.

Next resistance level will be at .01 as is to be expect since it is a round number and a significant level and was a major battle ground on the way down. 

Add the resistance levels with the distance from the 8 day and it seems overly optimistic to think it can go much higher without a bit of consolidation. So my crystal ball is a bit foggy but I'm thinking it could open even or up tomorrow and test the .008 area before settling back down for a couple days. 

I'm expecting it to retrace back down to the .0057 range if its really strong but more likely to see the .0048 range before it makes another run assuming it wants to run at all.