This is an intraday chart for LNC on a 15 min time frame.
The impression I get is this was a planned short selling raid on the stock. The first 30 minutes is aggressive selling driving the price down hard, but then most of the day from then on is buying. Just after 12pm you can see more selling but it does not push the price down much.
The bit that alerts me is the sudden tick up in price to 1.55+. If I was a genuine buyer today there is no need to rush the gate like this. I suspect that is the shorts pumping the price up away from the $1.40 support. The selling starts again straight after and ends with a bit of late buying, which I suspect is window dressing.
Watching the shorts operate for most of last year, once they target a stock they will drive it to its bottom support and then attempt to set up a trading range. Today that support appears to be $1.40 but it is certain that will be tested again IMO. I think if anyone is planning to buy, seeing how it behaves around this price point is important.
Lessons learned from last year is wait until a definite support manifests and then trade the range that the shorts establish. You can be guaranteed that the SP will not escape until big pockets turn up on the scene and start buying. [In my opinion]
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