To me there are two possibilities.
a) Firstly traders jump in at the beginning of the day and bid up the stock, this encourages other who suspect something is going on who bid the stock up even further. Then those who bought in at the beginning of the day sell off and take their profits, then others follow. Suddenly we are back to where we started from.
b) Secondly there could be support for the stock coming from any number of quarters, but a dedicated large seller who wants to quit his stock.
If this were to happen, in time I would expect a change in holding notice to be provided as it is an ASX requirement.
Not sure which one applies here, but I suspect the first.
If the broker data was available for the day it may help.
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