I took a trade from yesterday and sat the bid for 450k at 7.6c taking the depth total to 1500k on the buy side.
And went away and did an hour and a halfs digging on my new hydro electricity feed ditch.
I figured the buy side 8m odd on 7.7 will trickle over above my bid total beyond 1.5m at 7.6c.
Therefore on my return I expected the buy side at 7.6 to have expanded to 3m or more ... but when I got back it hadn't moved and was still at 1.5m total or so.
Now let's assume the buyer is either BPT or VPE.
It's definitely not both IMO or else we'd be seeing more action from BOT's depth fiddling etc.
My money is on VPE buying.
I figure they want to get their 19.9% first or close to it before they show their hand.
This down market is playing into their hands also.
If I'm right they will just sit and do whatever they have to and wait for their shares, taking the bid down bit by bit. (Bullish wedge?)
They need an extra 90 million shares - right?
There's been roughly 65m shares traded last three days to here. So two to three more days and they'll be close enough.
The markets may have settled if North Korea has pulled their head in, although this Europe banking issue is starting to get alarming ... so maybe VPE will make a move early next week ???
The fact that they're not playing with two levels of depth reasures me they're confident in their approach and there's only one player on the buy side.
Consequently I've bought a first parcel back at 7.8 and will see how tonight fairs to consider a few more.
All IMHO.
Regards
ITC Price at posting:
7.8¢ Sentiment: None Disclosure: Held
