In my old day job we used to say the market is attracted to volume rather than repelled by it. When ever we saw a large order we would call it a 'volume magnet' - If someone is looking to buy (as it seems they are) then they would have had their eye on the little block of liquidity between 4.5-4.7c earlier in the week , soak up everything they can ahead of it and then take the offers. If the pattern continues then a little soaking ahead of the pocket of liquidity @ 5c and then it gets taken out too.
So far there has been very little reloading of the offers so it seems most are thinking the same as us - i.e. it's worth waiting till later in the year to see what happens - The cash in the bank, trend, new management appointments and imminent patent lodgements all support waiting to see if this can get to a fair level ie between 5-10c.
Euroz thought 7.5c and NDF thought 10c and both probably think a little higher now that less dilutionary funding has been put in and the management team has been appointed but they might like to see what these patents are about before upgrading.
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