In MOST cases of extreme price action caused by news I believe it is better to sell the open because then the shorter come in and drive the price down hard. I took a short on this today and closed it a bit early. I am now holding Long. With traders that short there is a sort of unofficial 3 day rule that no one shorts the third day.
However you have to do the maths. If you would be sitting on an incredibly large loss it may be better to let the dust settle and avg. down. I will say that this strategy is normally frowned upon though and I am not suggesting anyone do it unless it fits within your trading strategy and Risk reward profile.
FWIW there was a seller of 2 million shares 4.60 just before the close and in the Auction. Lets hope someone sensible bought them and not just retail.
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