An eleven-point drop—is that enough to make people give up?

Someone left me a message: Is SK Hynix completely done for?
I replied: First, look at who's buying at 120.25
At 07:00, it plunged to 120.25 on volume of 3.96 million lots
The average volume over 48 candles is only 1.19 million—that's 3.3x (the hardest dump, closing at 121.13)
An hour later, it climbed back to 125.46
Yesterday at 23:00 was even more brutal: 6.24 million lots, 5.3x
It plunged straight from 130.17 to 122.78, shedding 7.4 points in one candle
Two big bearish candles, each dumping harder than the last
But the low only moved 2.5 points, from 122.78 to 120.25
The 20-period moving average at 130.81 is overhead, 4.1% above the current price
$SKHY 125.62; unless it gets above 130.81, this is still just a rebound
A break below 120.25 would mark the second leg; by then, the price would be lower and the risk/reward worse
(Not investment advice; trade at your own risk)