Investors are reassessing the impact of the virus mutation, and the shift in market sentiment from concern to optimism (not caution) can be felt in the rally in the broader U.S. market index. So compared to the previous high stock price, the $280-290 price was enough to attract investors to enter, leading to a rapid pull up in the stock price. Looking ahead, perhaps this drop is just a pullback in the stock's long-term rise.
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Update
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Price failed to break through key levels. Therefore my view has changed from cautiously bullish to cautiously bearish.
