chart of the days action and future resistance, page-7

Yes I know it seems irrational but people sell for all sorts of reasons, I mean we've seen lots of selling today and for the last few weeks, as well as buying. Someone has to sell while others buy eh? Some people have been through so much waiting and angst they are just happy to break even and get out. They lose faith and confidence after such a long time trapped in the stock and take the first exit they can. It is fear that the price may fall again that drives them to do it.

Just human psychology I am afraid.

Not saying 8.5 won't be broken it just pays to be aware that a large amount of resistance could potentially be sitting there, and to that end the smart money know that too and will possibly sell there as well. They'll book profits and then buy back in when it drops a bit like they have countless times before. Buy support sell resistance that's their mantra.

Cheers