@mrwalker agreed, the bloodbath narrative + "panic selling" in fear of losing further capital was real across the board today. This occurs even though there's no specific change to company news or fundamentals.
We saw this happen with VRC in early trade today, so it's interesting to observe how the price action unfolded:
Opened at 1.6c with significant sellers dropping stock, and briefly touched 1.5c (2.3m shares sold)
Apart from selling into the existing bids, new buyers stepped in, with approximately ~19.5m shares going to new owners at 1.6c
By ~1PM 1.6c was completely soaked and the buy line built up strongly, followed by 1.7c sellers being taken out (~5.9m) and the 1.7 line building
~1.2m shares were picked up at 1.8c on the close
So essentially, the weaker hands got flushed out and the accumulators continued to accumulate. Disc: I added more.
As you said, when you're happy with your investment, the short term SP fluctuations don't matter.... with one exception, today created a perfect top up opportunity for some, and an opportunity to lower the average buy price for others. There are no doubt some holders who have entered in at higher prices e.g. 2-3c... these opportunities to lower the average entry price are an effective way of maximizing returns if your conviction is that market will be rerating it in the future. And why wouldn't it when VRC is trading ~5 times lower than it's peers on a relative proven graphite resource contained comparison.
Despite today's short term flush down, the chart is appears good shape, what appeared to be an inverse head and shoulders formation, now looking as though a second double-bottom forming at 1.6 on the right hand shoulder.
Considering the All ordinaries were down -5.98% wiping about $116B off markets or the biggest fall since Mar 2020 (Covid), Volt did quite well.
Looking forward to the news flow and significant updates over coming weeks.
VRC Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
(20min delay)