So today the stock finally rolled over from playing around in the 6s
It was quite evident this was going to happen as it found no demand yesterday when the "pro's" kept bidding up the buy side, but they were not finding any follow up demand, so they would dump back into themselves.
Woke up this morning to see multiple cappers at 6.1 and 6.2 about 3 million units removed from the bid around the mid 5's
Before the market opened it was clear they pro's had a plan in mind today, and that was to shake it out and see what would fall. It seem to find some decent supporting volume around that 5.4/5.5 area.
We have seen this happen once before, the day before news, that day the action was a bit more fierce on higher volume, but was quickly bought back up in a flash. Today after it happened, looked like investors or traders were a little bit shy to buy back in this time around. Seem to hold that 5.5 area for most of the afternoon after that event happened and then got pushed down into the close with any sellers being met by buyers.
Tomorrow will be telling, if we put in a reversal here, or we go lower and test the low 5s. There should be significant supporting volume in this zone.
It really is time we got some news
Disclosure i am still hold my position from my original entry of 3 cents, and with this recent action i will now be looking to pick up a trading parcel into news flow for the rest of the month.
Cheers
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