Have a look at the 5 day chart … no change … the only announcement to account for the high yesterday was the largely PR-related water well news.
Ebb and flow, 0.005 move for BNL, particularly in an hour or two, is unusual but hardly worth more than one raised eyebrow.
i didn’t and rarely use the term ‘profit-takers’, same as I never use ‘tree-shake’. These imo are emotive terms resorted to by those who hold but are mystified by others who decide to sell. Such terms imply the commentator knows the motive of the sellers … they do not … except in the very rare instance and after the event … as when Warren Buffett or whoever chooses to share their strategy with the market.
The ‘normal’ reason for late day sales in absence of news used to be to park in safe overnight cash. Overnight cash is worthless now but there are other, better places for big investors to park funds, not least the US market.
You or I may be content to leave our $ at risk overnight - they need their $ to work 24/7 !
Purely speculation, we’ll never know … but betcha 99% of last 5 days volume wasn’t ‘topping up’ or ‘profit-taking’ by existing holders, it’s just the big boys and girls cruising by.
They tend to circle.
BNL Price at posting:
6.3¢ Sentiment: Buy Disclosure: Held
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