Over sold and now, more sellers would be the main reason.
This company is not going to the wall as some have thought and the share price will claw it's way back from now.
I have said all along CEC was over priced from the float and has never been worth more than about 80c/$1 even though share price was well north of $2, even after the debacle with financing in recent times it has to be worth around the 50c mark in my opinion, hence me recently buying in for first time at 18c.
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