I guess we will agree to differ then.
There was HC chatter about delay on drilling and not meeting June deadlines on 27th April Probably sooner so this expectation rerate started around then. This was just before the big fall in early may and discussed along with other issues... Expectations mismatch started then. I have links if you like to reread the posts around then it was probably before you 1st purchase so you may not know.
So I say after 3 legs down is
already in the price.
Chartwise
I think you are wrong and here why. We have had 3 recent down swings on the price including the sharp one beginning of May. Each one on reducing total volume. So running out of ammo.
1.
30th to May 1st & 2nd: Sharp decline
Duration 3 days, Volume 12+62+76m =
142m traded
2.
May 14 to 16th: Moderate declines
Duration 3 Volume 14+31+47 =
92m Traded
3.
May 21 to 25th: Slow Decline
Duration 4-5 days; Volume 16+7+12+20 =
55m Traded
Each leg the sellers appear weaker. Each leg appears to have a peak in volume the day before the reversal day back up, explanation buyers entering!. Price moves of downward legs reducing and individual day bars reducing in size on decreasing avg volume. I say Bears are cooked/done!! They had their opportunity today but we were left wanting and they never followed through.
View attachment 1117163
Conclusion gradually running out of steam and finding it increasingly hard work to push it down until Exhaustion point is reached. Most probably realize the weight of support that exists below current price. We will bounce out again IMHO
