@hamstersam "Those still here should take note of this SP behaviour in case it occurs again so you'll have more conviction to hold through/ trade the dip (may luck be in your favour)."
I wish people would not suggest such things. Have you tested this?? My experience and research shows that on average when a major technical support is taken out on volume, the share price usually falls over time, even if there is a retracement.
What will happen in this particular case I have no idea, as every break of technical points tends to play out slightly differently.
In the video that most have had a look at, the event is called 'running stops' in an attempt to 'loosen' shares from those with close stops to important technical points. This might be what we have just had, and I'll note that FMG fell below the important $4.50 level recently, then reversed, so did DRM at 25c and probably a host of others. (running stops seems to be happening on more and more shares than in the past)
Whether it is a DCB or a true reversal can only be told after the share price breaks through overhead resistance (IMO above 30c) or continues lower.
I gave my thoughts on what was happening yesterday, and now, frankly it just does not matter, it happened!!
I'm in for the drilling results over the next few months, and when the price goes above my buy-in price from last week, I'll probably add more. If the price had fallen more today, then shown signs of a reversal on bigger volume than yesterday, I probably also would have added, now I'll wait. That is my plan and people should always have a plan when trading stocks.
