Was today’s action a setup for a short squeeze?

Today, I traded a low float stock that seemed to be setting up for a nice run above what it had already ran to. While my initial entry didn’t go as planned, I managed to re-enter and catch the late day move. Here’s how it played out and why I believe this was a deliberate setup.
The stock started the day strong and at 9:50 I entered at $1.45 on strong momentum. The stock quickly climbed to $1.74.
Shortly after, the stock reversed sharply and eventually dropped to around $1.10. My stop loss hit at 1.37, taking me out of the trade.
After the drop, the stock spent most of the day moving between $1.10 and $1.25. The price action suggested accumulation, and I began to suspect that it was being set up for a short squeeze.
Recognizing the potential, I re-entered at $1.17 with a new position, this time more confident in the setup and my position.
In after hours, the stock broke through $1.42 resistance and made a strong run back to $1.58. This sharp move seemed driven by shorts covering as the stock reached a key resistance level.
However, $1.58 acted as a ceiling, likely due to earlier buyers selling at breakeven and to be honest I did not expect it to break 1.58. When the stock fell to 1.48 I sold and ended the day with a small profit here instead of a small loss.
As the market approached the close, the stock dropped back to $1.24 rather quickly. I expected a drop but not that drastic. I believe the drop was due to multiple reasons: profit taking, traders avoiding holding positions over the weekend and going on my belief one or a group of people were accumulating around 1.10-1.24 I believe they sold causing the steep drop 1.24.

Why I Believe This Was a Setup

The morning washout seemed intentional, likely designed to shake out weak hands and allow larger players to buy at a discount.
Low float stocks are often manipulated in this way, and today’s action fit that pattern.
The tight range between $1.10 and $1.24 during the day was a clear sign of accumulation, suggesting preparation for the late day move.
The breakout past $1.42 and rapid move to $1.58 indicated short covering. However, the inability to break past $1.58 likely stemmed from overhead resistance from traders who bought earlier in the day.
The pullback to $1.26 at the end of after hours was expected, as many traders prefer not to hold stocks over the weekend.
This trade was a valuable lesson in adaptability. While my initial momentum trade didn’t work out, I managed risk with a starter position, stopped out at 1.37 and re-entered at $1.17 when I saw signs of accumulation and a potential short squeeze setup. Recognizing the setup helped me catch the late day run.
I’ll be watching this stock closely next week, paying attention pre-market activity for what I believe is a short squeeze setup in the making. Or, the play could simply be over.