Pitching for 18%, page-33

Mal

Instos are price takers (as opposed to price makers).
They will pin price or break levels in an attempt to leure others into giving up and selling ("shaking the tree").

To pin price often you need to sell shares when the immediate buy side is thin (markdowns) which is not desired. If markdowns start to become to expensive they will generally let price run then try to return it to their by zone (proximal and distal zones). If this is expensive that zone will move.

You will notice the sell side builds but stays out of the action. These are textbook scare tactics. Frowned upon by ASIC as orders should only be placed with the intention to buy or sell at that price. Dealers will defend this as volatility trading.

For mine, this is an accumulating algo and it will stay until it gets to expensive or it gets its fill. The plus side is it presents an opportunity for retail buyers to take the algos stock at these very cheap levels.