Instos understand the behaviour of the players in the market and use this to their advantage, they even hire people with phds in game theory to understand things like this.
You have to think of all the players here. One group of players with decent volume are people that had positions in BEZ when it was around 5c and are sitting on profits after the recent run looking to sell. Put yourself in their shoes. If you can make the market move and can make it look like the rally is over, by making the technicals look like a market top and then two lower lows (two consecutive lower closes yesterday and today) then profit takers might be pushed towards selling now instead of holding. This is exactly what accumulators want.
If you were sitting on 200K+ profits (some here that were sub 5c would likely be holding profits like this or larger) - how comfortable would you feel holding through this? This is the psychological perspective that institutions understand and capitalise on.
Another group of players are traders, who will trade on different timescales, swing traders who may have bought in around 10-20c and sold the news once the binding agreement was concrete, and who may still be selling;
Intraday traders who will not want to hold overnight who sell into the market close. Institutions buy and sell at the same time, and use different techniques to retail - they will buy up and stack the bid to encourage buyers which they sell into at the same time, and they will sell the market down and buy up what other sellers sell - the latter is more relevant here (they will soak up day traders closing out their positions at end of day after capping price). They understand how traders think and may push price down well before the close to trap them, knowing they will be happy to sell at a lower price just to exit the position.
They will also intentionally push price into areas of liquidity such as where stop losses are grouped. During a rally, underneath the trendline there is a bunch of liquidity where SL are placed - same for areas of support - there are clumps of stoplosses under support levels so you see price test these as it helps instos get a better fill - the triggered stop losses become market orders which instos snap up. Instos need large volume to both sell and buy into so they need to move price into areas where there is sufficient liquidity to accomplish their goals - that is really all you need to know about the bigger players - and how to spot where the liquidity is, then you will see liquidity grabs happen left right and centre.
Basically for accumulation, they want to add sell pressure when others are selling because its more effective (as during profit taking) as they don't have to use as much of their volume, and then they will let their buy orders get filled when others sell
With the low SOI, accumulators know that their time to accumulate decent volume is short since sellers will become exhausted after the recent rally. After this it will be ALOT harder to cap price, as demand is likely to increase as information permeates the market while supply will dwindle.
Anyway again, just my 2c and hope it helps. While important to understand how other market actors behave, the most important thing is the rationale behind your investment, the fundamentals and the technicals. Here the FA is just clear to see as far as I am aware, and the TA is very strong on the daily and hourly. I wouldnt put much weight on the day to day which is specifically why I am not trading this one, and holding, as the price action is very choppy and I see better value in the long hold. Production baby!
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