Hi
@jeza_34 ... I assume you are refering to the on-screen Market Depth(especially the pre-open MD); its the off-screen MD that usually makes the play in these type of stocks especially BGS in more recent times.
When looking at MD I believe it is best to concentrate on the "at(or near) the money" depth to get a reall feel of Buy and Sell demand and supply. Not too interested in those screen makers that are far "out of the money", either of the buy or sell side, who are really just there to create the illusion of overall MD strength/weakness and quite frankly aren't interested in being set. How often do you see huge volumes, especially on minnow stocks, that are at the bottom/top end of the on-screen MD, If the SP moves 'a bit too close for comfort'(i.e. they might be set) then they either move their bid/offer further away from the 'at the money' level OR disappear entirely.
This can happen very regularly, as has been the case with BGS, even in the matter of minutes and is quite prevalent in pre/post-market auction timeframes ... all to 'trick' unsuspecting market participants.
Then there is the ASX MD verses the Chi_X MD to consider ... AH, another discussion.
