Some traders buy shares in capital raising to sell on market to sell at ashort term profit. For example if buy 5M shares in the raising at .235 and sell at an average of .255 thats $100k.
So there is a group of temporary shareholders that look to sell as the price rises above 23.5 so it adds to normal sellers to restrict the price to a band around 23.5.
This happened on the last raising at 12.5 if you look at the chart. When all the short term staggers are soaked up the stock can move beyond the band.
Ann: Mira 6 Horizontal Well Production Update, page-8
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Last
17.5¢ |
Change
0.005(2.94%) |
Mkt cap ! $193.8M | |||
| Open | High | Low | Value | Volume |
| 16.5¢ | 17.5¢ | 16.5¢ | $192.3K | 1.113M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 668131 | 16.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 17.5¢ | 36666 | 1 |
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| Last trade - 16.10pm 30/09/2024 (20 minute delay) ? |
| COI (ASX) Chart |