It all depends on where the market price is. There is a theory formed by a relatively respected speculator called "reflexivity," basically that markets tend to perpetuate trends and overshoot fair values
Yes, this is how I make day trading profits. Wait until there is a big crowd on the "wrong side" of the trade, watch for the signs of them starting to panic, and make $$$ when they all go stampeding through the doorway driving the price in your direction. This is a good example.