I was thinking this morning about the trading in BUY in the final hour before close.
The shares had aleady hit 10.5 and came back down to 9.4. They waddled around the 9.5 level for some time. Never much lower. Not an unusual pattern in itself. Suddenly a large buyer for around 5 million appeared at 10.0. (normally we would associate this type of buy as a pump' to move the 10.5 level - I certainly did).... only this time something was different. Sellers were hitting the 10 level with 1.85 million sells and the buys just kept coming - back up to 5 million+..... It never fell below this level again. It did this about four times...
Looking back now at the trading pattern and the end result we can see for future reference the relevancy of the 10/10.5 level (where the larger part of town plays)... CXY was a classic case where the 10 level didn't receive the same support and BUY was a case where it did and how it showed given the time of day - it was beautifully executed by the large, clearly professional buyers after the morning announcement. Hats off to the buyers.... Nice play.... Very impressed at the style....
I thought it was a 'pump' and now think it was a solid accumation and potentially early days.
