sellers evapourating, page-36

The price was looking like it was in retreat early morning then someone took out a million shares early afternoon at 6.2 and then came the frenzied buying.

Was it a pump and dump or tactical accumulation....

It was a bold move for a pump and dump as there were a number of shares for sale in the 6.2-6.4 range.

Or was it some smart accumulation, take out a line on a down day for the ASX and show a green flag which captures the interest of traders who then get on board and take out the next few lines. When the price stalls, the accumulator has their buy orders in all the way down to sub 6c as the traders (and t+3 dayers) try to offload and the share price retreats. That accumulator then picks up several million shares in one or two days at prices from a possible 5.9 to 6.2 cents.

Would be interesting to see any movements in a week’s time in the top 50 or so, but I also suspect any accumulator will be hidden in nominee accounts.