It is a price that the sp has went to and failed a

It is a price that the sp has went to and failed a few times before, including today. So sellers will put orders right below that point, because if it doesn't break, the sp usually drops back down. But if it does break, you see these spikes, bigger if it has been a while. It tested 39c several times over the last 3 months, including this morning, and failed each time. So that becomes the breakout price. If the price breaks, you usually see heavy buying volume right after, which causes the spike. People will put buy orders in if the price goes above a breakout. When daytrading, I look for these points as one possible way to make money.



https://www.investopedia.com/terms/b/breakout.asp