Opened well on the announcement at $1.84 and briefly rose to...

Opened well on the announcement at $1.84 and briefly rose to $1.89.

Since then the share price has steadily retreated back $1.62 (last traded price at 2:47pm AEST). Looks like sellers have just taken the opportunity to sell into the announcement.

Just confirms that the downtrend is still in play. If WHA closes below $1.62 then its likely it will fall below $1.50 in the next couple of days. On a technical 50% retracement from $2.78 mid-November high would give $1.39. A 55% retracement on $2.78 would be $1.25. These could be the next levels of support if indeed the downtrend will continue even if its short term since WHA is volatile and easily moves +/- 10% a day.

If WHA can close above $1.75 today that would be a good sign, but it will need to be followed up with another 2-3 positive trading day and break $2.