Yes it was weird in one way and did not make sense.
As I said, I am new to the stock, have not looked closely before whether this is a pattern, any history behind etc.
One thing is sure - seller was determined. Motive? Not sure. One could think it was panic, but it did not look like - unless someone is privy to some info which many others are not. Second wild guess is that someone wants to keep here for sometime more and was not happy to see it go past 40. Lastly, it could be someone buying last couple of days and when it could not decisively start trading above 40, they thought to bail out.
Anyway, in just a minute around that 3L34 - the seller sold around 850k in few quick tranches. After that 1minute blitz, rest half an hour including closing auction only around 150k shares were traded.
Also the VWAP average for the day was 38.5 where as it finished on 36.5 - that too in closing auction where another attempt to get to 36 was being done. So more people have bought much higher today and possibly they may want to hold.
So overall last 2 days, except for that 1minute blitz of selling, everything else has been positive including VWAP of today. If I had more info I may have held to my half stock as I was still above, but as I said I wasn't sure. Sometimes peculiar things can happen and some big traders can move it around. We retail don't have influence to make or change direction (mostly), so best we can do is get a sense of what they are doing and possibly piggyback them. Not always easy, but worth a try.
I will study more on the weekend. I still feel it has got legs based on last few days trading, but its best to play safe. All the best.
Expand
