Molly - the share price from going up, so that a conniving potential buyer (with stock) might be able to acquire further stock at a lower price.
one of the list of considerations when buying shares in a stock is to study the buy/sell quotations. if a potential buyer is faced with a mountain of large sellers against him then his reaction would likely be to either not to bid or perhaps bid much lower - so advancement of the share price is retarded.
blocking bids placed just above the market price are likely to be the most effective - although too close and the bid might get taken out. its a game which is more obviously being played on another stock which i hold.
"placing bids for one day" - not sure you can do that on commsec unless you manually cancel. seems to me unusual, but I can understand the valid reasons you suggest.
GK.
UOS Price at posting:
59.0¢ Sentiment: ST Buy Disclosure: Held
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