A rush for the exits by a few holders who did not think much of the proxy document. I'm guessing short term traders mostly. A bunch of sell orders at the market before it opened. There were a few buy orders as well, at a price below the last close. They transacted, then the selloff began, exacerbated by likely stop loss orders placed some time ago at various price points lower. That forced more selling until the energy ran out at 16 cents, a very strong support area.
Price bounced up from there as smarter investors snatched up the now much cheaper stock, until we reached Thursday's close today. Resistance. We probably need to drop a little and trade back and forth for a few days until the next push up when earnings come out.
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