$Roundhill Memory ETF(DRAM)$  Technicals on the DRAM ETF are pointing to more upside near term. It's put in an inverted head-and-shoulders pattern, which is a fairly common bullish reversal setup, and it's on the verge of clearing the neckline.

The ETF has also pushed above a strong pivot point on the Murrey Math Lines tool and moved past the 50-period moving average, so for now bulls look to be in control. The base case would be a continuation toward the all-time high.

The main hurdle right now is the high open interest on the call side. There was heavy volume on the 60 calls Friday. We'll need to see how the Sunday evening shuffle plays out to get a sense of whether those calls are being rolled or defended. Personally, I think they'll have to roll. A $60 ceiling doesn't seem very defendable, but I could be wrong on that.

For anyone who doesn't follow chart work closely, the pivot point is 53.87. Under Murrey Math rules, holding a daily close above the 4/8 midline signals bears have lost control and shifts the daily bias from defensive to offensive. The 5/8 magnet sits at 60.80, where some consolidation and profit-taking would be expected. If the daily candle clears the 60.80 (5/8) resistance, the next primary targets are 67.74 (6/8) and 74.67 (7/8). That broken 4/8 pivot midpoint at 53.87 now becomes major structural support. A daily close back below 53.87 would invalidate the breakout and risk a swift trip down to the 3/8 boundary at 46.94. To me, 50 looks like a hard floor since institutions are sitting on the 50 put the same way they are on the 60 call.