Have a look at the bid side of the bid/ask spread, it looks like there are buyers for many millions of shares, that gives amateurs confidence. It's mostly fake!!
Around an hour ago there were 5-6 million shares on each of the .037 .038 and .039 lines with the SP trading at .039-.04, yet actual trades to drive the price down as there were only 162K sold at 0.39, then less than 2M at .038 before attacking the .037 line where another 2.9M sold, before the price was into the .036 level.
What shoed earlier as over 15-18M shares being 'bid' turned out to be only ~5M actual orders or less than $200k worth!!
In other words lots of the 'bids' are fake and being withdrawn rapidly as the price goes down. They were just there to support the selling by the big boys who knew all about the tailings dam and why this project is going nowhere!!
Have a look at the bid side of the bid/ask spread, it looks like...
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Last
2.9¢ |
Change
-0.001(3.33%) |
Mkt cap ! $31.56M | |||
| Open | High | Low | Value | Volume |
| 3.0¢ | 3.0¢ | 2.9¢ | $10.60K | 364.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 116165 | 2.9¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 3.0¢ | 541257 | 5 |
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| Last trade - 15.42pm 12/09/2024 (20 minute delay) ? |
| SGQ (ASX) Chart |