Allow me.
Here's one simple example - a 1000 share at-market buy order is placed for $10. 500 shares exist on the offer at $9.99 and a seller has an automated 1000 share sell order set at a price of $9.99. Shares on the offer at $10 don't get hit and there's an imperceptible change in the market depth.
This can happen at any price point.
Ann: Market Update - Progress Report, page-102
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$6.20 |
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Mkt cap ! $181.1M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
| AKP (ASX) Chart |
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