I liked today's action, and I wouldn't panic about it. Some here have been watching what looked like a trend up over the next week or two because of the accumulation of stock.
There are just too many high priced shares in this game. Most of them might average down to position themselves for a small short term exit on gain, or some may look for a smaller long term gain by selling portions on the way up. Many possibilities exist.
The price action today looked like the company needed to pay some bills, rent, utilities, wages, purchase, etc. They don't have all the time in the world, so they could of sold what shares they needed to fast.
I hardly ever believe what I see posted on this board unless I know it comes from a person who seems to have it together (the serious weed tokers, lol). I don't know if I believe that bhapa took a sold off because he wanted to teach CBIS investors a lesson. If he did well than that is history and it will soon be forgotten. He doesn't seem to be a person who has ever blazed one.
All in all, today's price action could strengthen the core price. The way I look at it, if it was higher price shares that sold off that could mean less resistance on good news. If it was lower price shares that sold off, then we could see more support in the short term because the new holders are less likely to sell on lower gains.
I'm banking on some serious climb tomorrow and want more of these lower ones before that happens.
JMHO.
