Many of you will wonder, why sell? The momentum is still there isn't it? Friends, if that's what's running in your mind, it's your greed talking to you. And greed won't have served you well today.
Technically, NI was a sell when it broke the short term support today, which was at 21.25. Once it reached the high of 21.25 today, which was where it opened, it was all downhill from there. The low for the day was 17.75 and many who still hold this are probably wincing in pain when they saw the low.
Today definitely was a day that NI holders sold as seen in the increase in volume. Logically, the time was ripe as those who bought below 20 were ready to unload. On the other hand, those who were stuck above the 20 peso level since a few months back, were also unloading, minimizing their losses.
Whatever the case, today's action was definitely bearish. We're not saying NI won't go back to the 20 peso level. What we're saying, you should check your greed at the door and use your head to trade not your heart. When you saw the price was dropping like a brick, it was a seller's market, and you had to go with the flow.
So for now, rest in peace, NI.