There is a single order for 3 million shares sitting at 0.005 - that is FAR away from the current trading price, and there is no realistic expectation of that order being filled any time soon. If I were to try and place an order for ANY quantity so far away from the current price, I wouldn't be allowed to do it. I know - I've tried it before, and immediately got a phone call from Commsec.
There are another 3 orders totaling 2.3 million shares at 0.008 - 0.01 - same argument applies. The current trading price is 0.017-0.018 range.
So why or how is this buy-side stacking allowed, and what is its purpose other than to artificially inflate the totals on the buy side? Are they REALLY hoping that the price will collapse and they will get a huge windfall of cheap shares? Are those orders just going to sit there, or will they be either withdrawn or simply shuffled up or down the queue?
The ASX needs to trim these out-of-range orders so that the buy/sell ratios reflect more realistically the supply or demand for a particular share.
Yes, I know it happens all over the market. But that's no defence for what seems to be blatant stacking of the queue on one side or the other.
There is a single order for 3 million shares sitting at 0.005 -...
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