Planetone.
Some facts:
36c was a 50% retracement for this stock (30/3) and 33.5c was a 61.8% retracement(13/4). Both days I sat for hours watching the computer at these points and observed respectable bounces from both levels - this is bullish!
It still gets smashed! I would not have the balls - even with $1M of my own money - to go against the trend! The bounce off 61.8% was particularly strong intraday. Would you be selling if you saw this, only a mug would sell off a bullish reversal - or someone with a lot of money or some future knowledge!
30.5c was also a long term support and 78.1% retracement. Look at the charts, huge volume, reversal candlestick, close on its high, all on the same day - =bullish! Would you again go against the trend - I presume not!
The issue @ 27c has caused the share price to break the long term support line today @30.5c. 27.5c also coincidentally just so happens to be the 61.8% retracement from the 2003 low to the 2005 high - .5c off the 27c issue. It can still hit 27c as long as the open/close is above this point - another bullish signal.
The last six month share price average is around 36-7c. 27c is almost a 30% discount to this long weighted average - how can that be a fair issue price?
Yes I am pi$$ed off, yes my trading plan has gone sour on this trade - but no, I don't think fair market forces were responsible for the outcome.
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