$X - Steel taking a beating across the board

$X announced that they have taken on significant losses over the past few months where much of it can be tied to the Covid crisis.

Adding fuel to the flames is the 50mm share offering at a price range around 8.50 -8.90 that was announced today.

This would give reason to believe that we will see the share prices sink back into the range I have dubbed the loading zone. This would be the area which would make the most sense to try and average in your shares and then be able to flip back around the 9-10 level later on.

Again, everything I am suggesting here is opinion base and I have yet to not factor in the possibility of a second covid wave.