I think today's selling was T/A related. Perhaps a few people saying if it falls below its recent old low or if it falls below the 30-week moving average I'm out."
When that happens in an illiquid share, it doesn't take much to knock the price down and that of course attracts more selling.
There appears to have been just one sale at $1.03 of 10,000 shares and another one sale at $1.05-6 of 21,000 shares. The previous sale went through at $1.10 so those two people must have been pretty scared.
Another reason why stocks like pSA get smashed so badly is taht people might want to lock in their quickly diminishing profits in fear that they will disappear completely. it always bugs me that the spec rubbish can just sit there not moving at all on days like this and yet the good profitable stocks get smashed.
I suppose the trick is to sell profitable stocks before the plunge and buy them back much cheaper after the plunge.
These heavy plunges by PSA are truly gut-wrenching -- the price never managed to go up this fast. And it's annoying that pSA should suffer one of the heaviest losses for the day of the oil stocks as it is not even an oil stock! Its profits are determined by the Henry Hub gas price which moves independently of the world oil price.
Cheers Anne
PSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
