There was quite a bit of supply drawn out today on announcement, with a sharp gap up above previous trading, and then a close well off the day's high.
That is a combination which makes me a bit wary of what was actually going on.
I am 'tuned' to watch for high volume gap up bars, on stocks that have recently made good gains. As they can sometimes be where a large player begins to exit a decent position, especially when it happens on a 'good news' announcement that creates good demand for them to sell into.
That said, it might just have been a bit of over enthusiasm across the market, so I will reserve judgement and watch some more trading, before being too critical.
Here is the daily chart, with the true range of today's bar shown, and the gap is shown as the hollow portion.
That gap up is almost a little too perfect, with today's low at exactly the same level as the adjacent four highs (which increases my concern...was it engineered ??)
