I would imagine that there is some 'buy the rumour, sell the news' happening... that is, those selling were hoping for a quick short term trade/profit ...
Not unusual given the recent spike in the share price.. some who got in at recent lows would be sitting on a nice profit, and there are some hoping they will take profit so we can buy more at a lower price.
What today's news will hopefully do is to convert some large sellers who would have thought about exiting into believers/long term holders.
Management have done little since the merger to earn their trust/loyalty with some delays and missed forecasts ... but the best way to earn trust/loyalty is to finally deliver on their promises, which they are now starting to do... first with the Chinese C-MABR contract last week, and now with San Quentin .... Africa next up I hope, and that should really get the party started.
Keeping big holders from exiting is just as (if not more important) important as attracting new buyers when it comes to a chart reversal.
I would imagine that there is some 'buy the rumour, sell the...
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