In this particular example, the 5ema and vwap were also declining sharply to join the party. A break of the 6th red bar was the setup bar with a stop above $31.13.
|VALE - 5min|
As expected, there was a fade on the breakdown, likely from those buy the new low algos, but it didn't work very well for them this time. And once they realized $31 became resistance, perhaps their exits also helped the stock move down even faster.
|VALE - 5min partial day|