I think it has a lot to do with the bagholder effect as well. If you look at a 6 month chart you will see each spike not reaching as high as the previous. I think it is due to bagholders averaging down when the price is low. They end up accumulating a lot of shares to average down to a good price. Once the next spike comes they takes the opportunity to get out at their new average, since they accumulated so many shares it makes for pretty good resistance.
There is no question about it, there are some new bagholders here today. If this can rebound early in the AM tomorrow then it should recover to the mid .08s and if the bagholders stick around it could push up a little higher. If this doesn't rebound early tomorrow we might be in trouble because the bagholder effect will start again as our new guys start to average down and accumulate new shares waiting for an opportunity to exit.
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