Sell Off, page-18

Poor trading pattern the last 3 days-
wed 30 july straight down at open 46c-44c, then no buyers until last 10 minutes to 44.5c and even that was small, then friday 1/8 another drop down 44c-41c and then held up at 42c rest of the day with limited buyers, buyers are hitting their low bids and are not pursuing this higher- its a classic traders hedge fund sellers market right now.

today bouncing 42-43c all day and dropped away with 110k sold at 42.5-42c in the last minute and post market, so someone got out looking at gold futures which showed drop in gold price overnight.

I reckon if gold price which just dropped overnight from $1295US to $1287 stays there then PRU will again go to 40c tmrw at open like it dropped on wed & friday. short traders like me want to see the bottom and its nowhere in sight right now. The volume is nowhere near showing buying interest at 10M shares like the last few bottoms this year. The 3 largest volumes of 22M shares came on 30/5/14 and 23M at 11/12/13 and 21M on 20/12/13 and all these days were 6 month chart bottom patterns at 30c, 24c, 22c, i should have bought more then.

i would not buy now until i see another 10M-20M volume day and i cant see that until gold price recovers for a 1 month period or the PRU SP gets so low that it is a compelling valuation buy, at a MC higher than SLR its overpriced and the correlation between the 2 stocks is compelling. A mine shut down over ebola or another power failure would be a sharp drop point which the traders are waiting for. The shorts are pushing it down and i will not fight them as they beat me black and blue last time from 60c to 24c and i was in agony in holding this stock. Once bitten twice shy.