I don't entirely agree with you ClintS on this issue. If it was purely a sell-off to get out that doesn't explain why there has/and is a rise in share price (SP):
First , the SP rises from 1.6 to 1.8 on volume over the period, from that one can infer market clearance is occurring at higher levels which implies demand is unsatiated, supply is not adequate to meet the demand.
If one goes further back in time than that shown above, volume has not for many months achieved the current levels of the last couple of days.
Second: Lets assume that a big holder of stock wishes to unload that parcel, they would first have to decide when it can sell that quantity of stock on the market without destroying the whole pricing mechanism, they know volume demand isn't there as shown above; and the average volume from Oct 2019 is approx 5.5mill (that includes the 42.7m traded on the 17/10/19). Most of those high volumes days during that period were due to, I suspect GXY and the price suffered accordingly.
If this operation is being carried out by a big seller they would need to instill a large amount of confidence in LPD, and by reading many of the threads attached to LPD on HC, one can see confidence until now has been low and falling throughout 2019. Therefore to initiate the level of confidence required,
A) they would first be willing to risk placing large buying orders that will be filled, and
B) stack the 'Buy Side' with ineffective buy orders which they believe will not be triggered.
C) However, I've seen no evidence of 'stacking' for quite some time, in fact the buy side has consistently been very thin for months (supply has exceeded demand by 10 mill to 25 mill on various days).
This is not that it is impossible that what you is not happening, it's a high risk strategy. I'm suspicious of GXY's intentions and would not be surprised if have unloaded 20 mill to 30 mill over the last couple days (Tues & Wed).
My view is the strength is more associated with the pending announcements, professional traders are expecting some positives and getting set, weak hands (along with a large SH) are accommodating the buyers. Today, after the first two hours where 41 mill shares have traded, the market will settle at the 1.7/1.8 level until something is released.
On the other hand, if price races ahead of itself there could be a sell-off as the pros sell to take advantage of short-run gains
(20min delay)