Everyone blaming the SQM news, but I think it's a little more...

Everyone blaming the SQM news, but I think it's a little more than that - it may have contributed, but speccies all round got f'd the past few days. Whilst the opportunity with SYA is huge, it's still in spec land until DFS clears and partnerships are set in stone.

It has also bagged 10 times into it's recent peak in 12 weeks, so insto distribution of shares exacerbated the drops in SYA even harder than other specs. Today's news was fantastic - we were very likely to see another drop before this announcement, judging by the pre-open order book lining up.

For me, we're not out of the ditch yet - pros will prob wait for another opportunity to sell off if they don't think the market can overcome the selling on today's news. But if buying picks up, and strength comes in the next day or two, then I think the rise up to test recent highs is a given.

There's also much talk about a gap - this seems to have already closed to me - a 7.6c close, met with a 7.7c low a few days later - can't see a gap between the single pip. Can't see much other support than the low 6s if it drops from here. Very unlikely in my eyes, but I've seen stranger things when it comes to the market. It's a simple formula for me - if the pre-open shows any form of insto selling or manipulation, capping or any other games, then the down pressure is prob going to continue until they've finished. Hope for all holders (including me) that today was the reversal we have all been waiting for.