Was I stupid here? Entered because of the volume coming in on...

Was I stupid here?

Entered because of the volume coming in on the 30min chart at support. Looking to trade the supply vacuum.

Daily looks really ugly. I have support at 78 and 52.5.

Its a bio stock that has run a little early. The results of their trial will be released in September.

If I was a cynical person, I would be thinking that the US group that participated in the placement late last year at 25c have pushed it to recent highs and are now shorting it. Its traded in the US. Various media reports have come out about IIL recently which may have been a good clue the last two days sell off.