Thoughts on SSE: Potential Head Fake or Legitimate Breakdown?
Watching $SSE today has been interesting, to say the least, especially with that nearly 20% drop. We're currently sitting around 0.1567, after bouncing off the day's low of 0.15. The range has been quite wide, up to 0.1893 earlier.
From a technical perspective, what's got my attention is how aggressively it sliced through what I considered a fairly strong support level around 0.18. It had tested that area a couple of times last week and held up. This rapid move down suggests a potential capitulation, or it could be a head fake before a bounce. The risk that invalidates a further move down, or confirms this is a genuine breakdown, would be a strong close back above that 0.18 level. If we see a close above that, especially on volume, I'd have to rethink the current bearish sentiment. Until then, the path of least resistance looks to be lower, possibly retesting the 0.15 area more robustly. Just my two cents, always open to hearing other perspectives.
That's a solid point about slicing through support. I'm wondering if anyone's looking at the volume on this dip compared to previous moves; sometimes that can offer a clue about conviction.