Odd psychological herd selling (or a dummies guide to resistance)?

[GarethJ]

Using PET as an example (as I am watching this for long entry) I can never understand the selling mentality of dropping everything on a "nice round number". There are currently 6 sellers trying to sell 300k + shares at 200c on a day when the total volume is just over 300k. Common sense indicates, unless we suddenly get massive institutional buying, that 200c will not be broken today (or probably anytime soon if this herd mentality prevails). If I was keen to sell my PET shares (as many people obviously are) why not sell at 199c (or even 201c or 202c)? You will almost certainly sell at 199c, but have very little chance now at 200c. As a potential buyer, I have no intention of buying now as there is a (relatively) massive hurdle at 200c. and so we have resistance here.

[GarethJ]

erratum: as I wrote this volume nearly doubled to 600k, but still at 198c. The clowns at 200c are still waiting patiently...

[topgun]

PET will blow soon...and the clowns be all gone...

[Preston]

Sounds to me like the Bandwagon theory.