They were only able to take it down this much because lots of traders got suckered in expecting data this week. When they didn't get any, the smart ones bailed early. The stubborn ones bailed involuntarily.
I suspect some funds also sold when the stock dropped under $5.
Without data this can drift down. Why would anyone buy and lock up funds indefinitely? Most longs here have their shares already. Drops like this though tend to reduce the float. I know I wasn't planning to add 5k shares this week, but I did anyway, and they aren't for sale until someone's willing to buy them from me for $6.25 or more
I seriously doubt that there will be a retest of that 3.63. If you look at the T&S data it is clear that that was a stop loss clean out. I just happen to have a buy order in above some stop losses.
There is no more stop loss overhang to clean out.
There was a lot of trading that went off at the $4 price point. I was able to hit that point three times. Once on the way down and twice as it came up and stabilized there for a bit.
I would expect that if there is to be a retest, it will be at the $4 mark.
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