RE: What's up Doc ?To add to your point about resistance, it doesn't only come from discouraged people who just want to get out. I want to sell a few shares at that price to recoup costs then let the free shares do what they may.
However, I think resistance can thin if people think a stock is on a major upswing. If I thought it was on a major upswing, I might get greedy and hold on hoping it goes to $10. And so on. Investor psychology is complicated.