PLA has found good support at the 40c -40.05c level today with orders in for around 365,000 (circa $150k) at 12:30 with high volume of over million shares this morning - this is encouraging as 40c is a strong support level, both psychological and historical, and looks like its repelling further selling pressure - though the XJO is also flat thus far, alleviating general market selling pressure / index selling. There are definately buyers with powder (and shorts ready to cover) sitting in the wings trying to pick a bottom.
If the overall market though, does continue its fall over the coming days / weeks, and 40c breaks, it looks likes it could head to 35c or below pretty quickly. Note there is only 237,000 (circa $85k) in 'public' orders from 39c down to 35c and I bet a lot of hidden sell orders just under 40c that could cause a downdraft.
PLA Price at posting:
41.0¢ Sentiment: None Disclosure: Held
