HiStocks often fall on good news as people sell into a rally....

Hi

Stocks often fall on good news as people sell into a rally.

53.5 is a long term support/resistance line. There will be a lot of holders (locked in losers) who bought above this price who are just looking for the opportunity to get out.

The technicals indicate that the uptrend is still strong.
There's clearly support at the 45c level by the price reaction.

I expect a bit of sideways movement around 48c for a few sessions..while these holders are shaken out.

Nothing goes up in a perfectly straight line! A perfectly normal retracement as far as I am concerned.

But retracements can turn into trend changes...

A weekly close under 45c on strong volume would indicate a sell in my book.