So lets examine the motivation or possible reasons why there is no volume..
1. It was a small novice trader who got nervous and dumped when the "manipulated" depth queue on the buy side momentarily weakened. .. Probably orchestrated for this very purpose. Why test the queue yourself when you can get a smaller investor to do it for you !
2. It was a bigger investor but is not willing to sacrifice a bigger parcel for fear they will not be able to quickly re buy when support appears...Sell queue volume above is thin... This is in contrast to the professional test a few days ago where the buyer could quickly re-purchase 1 or 2 tick higher once support appeared.
Typically when a stock breaks a resistance point like this it is usually confirmed by massive volume (big players exiting)...All other breaks should be viewed with scepticism.
I'd say on this occasion we have number 1. there is no conviction to the trading.
NMR Price at posting:
4.4¢ Sentiment: Hold Disclosure: Held
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