Originally posted by AverageJoe
I suspect it is the damage done at pre-auction which broke the low of 47.5C. With such a lousy trend it might be a desperate holder not wanting to lose anymore out of sheer pain or manipulators, the damage done to the technical is obvious.
Unfortunately I can only see it though a chart, not an intelligent way to reflect the future but with such a collapsed trend, the odds favor further lower level with 42C the obvious. This isn't a prediction as I don;t indulge in those but just measuring the odds based on what has happened to date. Neither CLQ nor COB is faring any better so this is sector weakness. Probably great buying opportunities for the bottom trawlers but not my type of personality. I am just a student of studying price and psychology. In addition, I will aggressive cut my losses rather than indulge in confirmation bias OR take a small position that will not damage if it goes to Zero.
well yes and that's why I suspect the pre-auction was deliberate, it seemed to trigger stop loss selling, and absolutely, the low risk chart-based play here is to sit and wait for the uptrend break, probably around 62 now? but this could easily end up a spike low reversal. I tend to be more of a long term conviction buyer myself. COB arguably not sector related, some very company specific issues there. CLQ is the sector bellwether stock IMHO.
