On June 24th is when a rapid surge in price occurred after people started buying Wendy’s due to meme stock hype/it being oversold and it pushed the price up to about $8.89. However it was quickly pushed back down to about $7.86. On June 25the price got sent up to around 9.09 and then quickly dumped back down to about 7.33$ . So around 9$ seemed to be a major resistance point and sent the stock price tumbling down to mid 7’s. However in the last couple of days the price has once again reached a new high of $9.45 but this time it fell to a higher low at $8.60 at the end of the closing day on 7/2/26 as seen below, much of the rest of the market was red as well.
https://preview.redd.it/e936yg7wnxah1.png?width=294&format=png&auto=webp&s=3dae559518b4eeb7d85734d35d27886a29906eb9
Now after the initial momentum in June 24th the volume has been slowly becoming lower and lower as seen below:
https://preview.redd.it/4jvutbc0oxah1.png?width=294&format=png&auto=webp&s=c362fb84d57504bc7a7d65c46e3ab11503ac08aa
This can most likely be explained due to the initial excitement fading after June 24th and maybe some shorts covered on that day.
Now the interesting part is apparently the average price of shorting is about $7.10 which means the current closing price of 8.60 is about 21% higher than their shorts. And it seems 80% of the shorts are already being held, which leaves 20% for shorting.
https://preview.redd.it/ltaobq62oxah1.png?width=294&format=png&auto=webp&s=70f6edd8c3977efe90933aa45fe1eb3c95ba24f4
Now looking at the options chain as seen below we can see there is a huge amount of open interest in call options which can signal a lot of interest in an upward movement. I used ChatGpT to generate this exact options chain block from online so hopefully it didnt screw up lol.
https://preview.redd.it/1aoblbkboxah1.png?width=640&format=png&auto=webp&s=1e3f1b935ef603ecfe0e58846be20d5c524bccec
All in all just wanted to give you some basic information about what’s going on so you can draw your own conclusions.