As the chart suggests there is a strong support level at 12 that it respected today. Though fundamentally you might be skeptical of such a rally but the chart seems very promising.
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If this happens, there will be a very classic head and shoulder pattern will be revealed.
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This analysis has failed. I will close my position till further progress. If it loses support level 10, then the price might fall to 8 which will make it even hotter.