yes the buying depth getting thinner today is a concern, but this may be a deliberate plan by an accumulator, to give the impression that there was negative inside knowledge, thereby forcing the price down to facilitate buying at cheaper prices, i.e. spooking honest people into selling their stock.
Alternatively it could be a genuine investor, who does have genuine inside knowledge about something negative, delayed drill, no shows from drill etc. However I would have thought it was a bit early in the month for the drill to have started.
In any case, for someone to leave those orders in there, that were a fair way from the active spread, and then pull them suggests to me that it is likely to be some sort of parasite manipulator, trying to get stock at cheaper levels.
GTE Price at posting:
35.7¢ Sentiment: None Disclosure: Held
