Short selling theory makes no sense. I'd be very surprised if anyone is willing to lend NEA for short selling.
I think what likely happened is many folks bought in early this morning anticipating a rally. In addition there would be holders from previous rallies who were waiting to see what profits would arise from today's results.
When the rally did not eventuate some started to get cold feet and sold to remove the risk of loss/take what profit they could. Once the price started to fall below the open more folks started to crystallise their losses/take profits. As always it's a self fulfilling cycle.
On the other side - 11m in volume so far. That's ~3.5% of the total outstanding shares being purchased at 30c+. So it seems someone(s) is accumulating.
NEA Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Held
