Hi invest, you have picked a nice one for a long position and it will have it's day where big volume will come in depended on managements decisions going forward.
Low Market cap, tight register, Ni + Co resource, Just impatient people either dumping for a profit or some people who are in a loss letting go based on fear of the stock returning to the 52 wk not to mention selling this time of year is typical as people sell to free up capital for chrissy and new yr.
I wouldn't dump unless you have some other play in mind which you believe will appreciate within the next couple of weeks or month.. as mentioned management will be going to the site to undergo further work on previous higher grade cobalt findings possibly to restart drilling and expand resource and I'm sure they'll come out with some news in favour of the share price sooner or later however they are slow...
ps the 3.5m shares may be there for 2 reasons.... first one is someone may think the stock will reach that point which won't happen if the company still has control over their resource.... the second reason is sellers or a current stock holder may have that put there to show more buy volume and try to persuade some into buying the stock in favour of them selling at a higher price or just to keen for the SP to continue heading north however its manipulation imo, not a genuine order...
Hope this helps and good luck
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