Colossus Minerals Inc (COLUF)

[tsl444]

Interesting day! The stock sold off hard on light volume this morning but volume came in and started pushing the stock back up right as it hit the 50% fibonacci retracement of the move from 2.80 to 3.80. While volume was greater than the daily average, it was still substantially less than on the recent big up days and we closed with a white candle. This is the type of correction we want to see, fast destruction of price on relatively lighter volume. We'll see how it goes tomorrow, but I thought today was productive in the sense that we hit the 50% fib and bounced off it and the stock has now receded from overbought (though not by much) on the daily chart. Tune in tomorrow for the next episode!