Eerily quiet today. No stimulus for buyers or sellers and a typical stand-off.
Time will tell but looking at the depth today I am guessing there is a lot of fake depth on both sides.
One theory is the shorter has stacked the Ask side to try make it look like lots of sellers and less attractive to buyers and further try to scare sellers into dumping into the bid (into their bid to cover their trapped short for minimal damage---> the buy side 29/29.5 could be the shorter trying to cover and get out of their trade). I only say this because the orders are weird odd numbers - most retails/investors would have rounded holdings (ie 50 / 1000 /50,000 and not for example 36,653). This is typical of bot orders and insto stacks. The order at 40 for sure is fake and we saw it thrown out on Friday when we highlighted an active shorter was present and they looked trapped.
Still until we see buyers stepping up then we remain in limbo. Hopefully some news catalysts ahead.
NZC Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
