A follow-up question:
Last night’s IHL closing price was 31.5c. We agree there can be buy orders which are above this price hoping to buy in at auction.
I want to understand why would there be sell orders below last closing price? Is it because they want to sell at auction and are willing to take the 30c (their ask price)? What other reason could be there for selling below last closing price while being able to see higher bids?
Could there be price manipulation where day TraderA has a selling price below last close price, and simultaneously have a buy at that price for a bigger volume to try and game the price?
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