A bit of speculation about what could happen today. The sellers have shown their hands as they did over the past few days. That means buyers will wait for the seller to come down even further. That could have been the reason for the buy orders placed and withdrawn this morning to put some "urgency pressure" on the 3.8c order to move it down. It would just need 1 buyer to step up and to take the 4m out to get the sp back to 4c as interested buyers would need to step up as without those big sellers hardly any shares are available to get a decent order filled. If the seller has to or want to finish today, then there will be a dump in the arvo. Otherwise they will take their time until 26th of June if settlement date is important or until 30th of June if not.
But there is another potential " Threat ". 12.5m underwritten converted 4c oppies / shares could hit the market by earliest as Monday / Tuesday if they act like a sophie. If the current seller is the underwriter and has sold above 4c and would be happy with average 4c then they could go as low as 3.5c.
I have placed 100k shares orders at few lines from 3.6c down to benefit from any potential dump. Might not happen at all or I could have saved even more waiting. Bought from 4.1c downwards that way as there were no guarantees for sub 4c a few days ago. But that's the "Casino"-part of the ASX, we can only place a bet and hope our favourite outcome will happen. And the "ASX-Bank" as well as the brokers involved will be certain winners due to the fees charged.
GLTA
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