Well, they certainly went all out today - a whopping $1,920 dollars traded
Not much action - a million share buy at 5.7 that was removed and re-instated as 900 and a bit thousand order at 5.8. Only movement on the sell side was the appearance of 582,987 at 5.9. This has created a situation where anybody wanting to sell has to sell into the 5.8 line - which appears to be the buyback. Would not be surprised if the 5.8 buy and 5.9 sell are essentially the same party. The big question is whether the 5.8 will move up over time; or whether it will remain as a sponge to pick up scraps in the near term.
With a cash backing of around 7.8 cents, you'd think that they would be looking to buy back into the low 7's.
MEL Price at posting:
5.8¢ Sentiment: Hold Disclosure: Held
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