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23:41
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Originally posted by Ryzie:
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This is what you call the ripple effect. Sold down past support into oversold territory. I'm not going to call it manipulation. What I mean by ripple effect is the negative sentiment has been hanging around and once support was being tested, fear kicked in and many shareholders started cutting losses. The more that cut, the more that wanted to cut. It's definitely in oversold territory now but it's still got bad sentiment and not just specific to this company either but to the sector in general. I also think the compounding effect from multiple negative news articles about this sector raises the level of fear. Sometimes these articles are created to support shorting but I have no proof of such. Not directly targeting IOU anyway. If that is what's happening it's more likely targeting Z1P and APT for the major losses and then this trickles down. As positive sentiment returns back to the sector it's likely positive news articles will be flowing as well.
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I don't think it is being manipulated at the moment. Not long after support was broken a day or two ago the queues (miraculously?) cleaned up. On a side-note, queue the war on BNPL over the Christmas period as the major banks and credit cards pull out all stops, I think the bad press will be coming in quick and fast!
