yesterday bounced good to 8.60 but today...
is a very different story. closing at the cliff edge yesterday at 8.33. looked a bit ominous...but what we got was a slam down forceful selling right to 8 dollars, then sliding sideways thru the day around 7.85-8.00, the sellers decide en masse to sell at 7.85 and slam it down again. to test the 7.50 step.
Its a technical step at 7.50 that could hold. and if it doesn't the next basic target is 7 dollars. There was a previous pivot low in the 7 area, stopped around 7.00/ 6.82. we might see 7 dollars again.
it was a technical target to buy at 8 and its a technical target at 7 as well.
Disappointing to see this forceful selling. I guess this is how the wall street game works. The big bounce back to 8.55/8.60 looked pretty good. but didn't seem to worry the short attackers too much. They jumped on PVG from the open and jumped on it again in the afternoon.
I wonder who decides they are going to attack at the open, at 8.33....press the slam down button like that.
The technical play at 8.33 seems to me, is to watch and wait to see where the price goes, maybe it would hold support at 8.25 ...but what we got was an attack at the open. slammed it to 8 dollars. then the traders waited thru the day , and attacked again in the afternoon. I probably don't understand how it all works, but watching how the price gets attacked like this, doesn't seem like any mom and pop trading to me. I wouldn't know what to call it except it looks gamed. where is the next target where shorts will cover.
