I'm sure you know the answer to this phenomena; but it's a psychological thing for people to say "buy more", regardless of price. Frankly, I'd be willing to bet that while people may be "buying more" it won't do anything to the PPS movement; certainly won't turn it around.
These things are news/PR driven and once the momentum dries up from a PR, forget about it. WGAS is certainly living up to the cliche of penny stocks.
In addition, most traders, at least one's that I know, have gone "all-in" on a particular stock/play and are tapped out/under water and can't "buy more", unless they deposit more funds. This is a chasing game, that may end badly. Although, sometimes, it works out for these guys averaging down, more than anything, I think it is a psychological thing wherein the admittance of failure is ignored.
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