Hi folks, I've been watching the market depth on this one very closely for the past few weeks, and as others have suggested the sp is (IMO) being heavily played using buy and sell walls to control the price.
Massive buy and sell walls are placed a few pips apart, eg/at 5.7c and 5.9c, to lock the price in at eg/5.8c. The walls then get shifted over the course of days to force the price down. Ppl panic and sell into the buy walls, allowing for accumulation, which is then presumably used as fuel to maintain the Sell wall and keep bringing the price down. It would take deep pockets to do this as it requires a lot of volume (many millions of shares) and I imagine they have to eat some losses as they force the price down.
I watched the price get ratcheted from 5.8c down to 5.1c, using buy and sell wells to bring the price down, and then it was locked in for accumulation for a few days. Last week they let it go for a run up to 5.8c, and then rapidly pulled all of the buy walls to suddenly drop back down to around 5.2c. That run is probably where they cashed in the most last week.
The price was then ratcheted down to 5.1c, then 5c, then to 4.9, then last Friday the 4.8c buy wall was pulled and price fell to 4.7c. On Monday the price was allowed to drop to 4.1c on the back of coronavirus news, and then it was locked in at the low 4c range with massive buy and sell walls either side. Here it accumulated big time all Monday and Tuesday. I expect they managed to accumulate a lot at this price as many people would have panic sold.
Wednesday yesterday they really showed their hand. They pulled all the sell walls up to 4.8c and let the price run to 4.7c, propping the price along the way with buy walls at 4.3c, 4.4c, 4.5c, 4.6c, all over 1mil each. They then suddenly pulled all of the buy wall orders that were propping up the price up and created a massive vacuum allowing the price to plummet back down to around 4.3c. It was almost instant and the buy depth was laughably thin, something like an order at 4.6c for around 16000, one at 4.5c for around 50000, basically nothing, they got wiped very quickly (unfortunately I didnt take a screenshot). They did this 'pump and dump' pattern 3 times by my count from market open until about 11.15am.
They then I guess called it a day, put in massive buy walls to keep the price above 4.2c, and sell walls to keep at or below 4.4c. Anyone selling into 4.2 or 4.3c was probably going directly to them for accumulation. Anyone buying in at around 4.4c was probably buying from them and they made profits on the pips. They basically didn't have to do much for the rest of the day in terms of sp, it just happily sat their and churned all day for them.
Then at end of day they put in a massive 6mil buy wall to prevent the price from dropping below 4.3c. Anyone selling at end of day trade would just go to them - accumulation.
So as others have said, massive amount of accumulation at around the 4.3c mark. Who knows how long they will keep this up.The only way the cycle will break is if - they move on (unlikely), there is Good or Bad news that dramatically shifts the price one way or the other and they can't keep up with the volume (but rest assured wherever the price settles they will step back in again and continue, as long as they didn't get wiped out), or if someone with deeper pockets comes in and crushes them out of the game.
Keep an eye out for the upward runs and look very closely at the buy and sell depth. Any price point that has over a mil in orders should be treated as suspect. You can use them as guides to anticipate where the price may land throughout the day. Yesterday for example was obvious it would bounce between 4.3 and 4.7. If the 4.8c sell wall was pulled it would have easily gone to 4.9c. If the walls at around 5c are pulled then next stop is around 5.7c.
My guess is they don't want to let the price run too hard, as it is too costly for them to bring it back down, and it is easier for them to accumulate at this lower price level because people are more likely to give up and sell. Then again they might just cash in big and move on. Who knows.
Just spend an hour at open watching the market depth like a hawk and you will see all of the above being played out in real time. I've watched it every day for the past two weeks.This all based on my observation only, IMO, DYOR etc, etc.
Good luck.
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