Ann: BARD1 EXO-NET Exosome Data Presented at ISEV2021 Conference, page-23

Hy Phantom,
What you are seeing is BOT ("robot') activity.

This is not retail selling ("Mums and Dads") - retail trading platforms usually have minimum trades of $500.

This is traders and funds who pay heavy subscriptions to access high-speed trading platforms (a good little earner for the ASX who charge hefty fees leasing rack space to 3rd parties who can co-locate their trading computers in the same data centre as the ASX servers).

These systems allow traders to literally see a BUY or SELL bid hit the queues micro-seconds before the trade takes place and they can then execute an intercepting order automatically.

They can also set programs to drop small SELL or BUY orders (even 1 share at a time) into the queues at specified intervals to lead the price-up or down as required.

There will always be at least half-a-cent difference between the BUY and SELL price (makes sense, because when they are equal a trade takes place). So this means if the price is sitting at (say) $2.36 and you want it to drop, you just have to inject a 1 share sell order into the lower BUY price of $2.35 and the current trading price will drop one cent.

People see the price dropping and then back off their BUYS thinking they can buy in at a lower price - this leads the market down.

It's slightly more complicated than that - but that's the gist.

Its called manipulation. Technically its illegal. But, if you are paying big fees - for some reason you become immune.

Officially, it's informally tolerated because the say it creates "liquidity" in other words stocks always have an active trading market rather than just sitting stagnant for weeks on end at stalemate.