If there was massive volume on the bar back in September, but very little now, it would be a much better example.
However that said, price did pivot at that level previously, so it could happen again no doubt.
Remember, price also found support at 2.8cps back in October, and that level has not offered much in response this time around so far.
Really, price should have responded more positively on Tuesday (to the more positive bar on Monday),
and the gap down - low close on Wednesday gives it a bad look, that does not instill much confidence.
(mind you, if there are actually professional traders involved in this stock (and I am not completely convinced about that.....), leaving the market with a bad 'gut feel' is one of their specialties)
