Price falling on opening

Hi guys,

New trader and new on here, so please bear with me!

I've been looking at UK Shares, and yesterday, ASOS in particular. Yesterday, it rose 14pts, so last night, I 'bought' them expecting the trend to continue. Hwever this morning the price fell around 40 pts on opening, before rising back up,

Why was this?

My theory is people were selling up and taking profits after a decent day yesterday, and I was another sucker buying in hope. Am I right? I've noticed other prices dropping quite rapidly on opening too, before going up during the day.

Any insights?

Thanks

Have a look at the last few weeks worth of opening prices, does it tend to open higher or lower? I've found a good few stocks that seem to open at around 6 points higher than they closed - so good for short term bets (Spread bettor here...).

Your thinking sounds about right tbh - if the price is widely known to be nice and high, then it makes sense for people to be in a sell mindset on the markets opening. Often opening prices fluctuate quite widely in my experience, with little or no basis!