I believe denglish already gave you the good answer.
In my opinion, there are 3 possibilities.
1, This institutional buyer already bought a lot of shares, if it buy more on the market, MNM has to release a "become a substantial SH" before it can accumulate more. You know if it's a decent institution, like Comwel, ANZ norminee.....There is no way for it to get more at 7c. SP at least 8-9c straight away!
2, If this institutional buyer buy on the market, there is not enough shares between 6-7c, total 5 or 6 million? and donot forget some offer could be dummy. Technically, if this time 6c gone then many seller will cancle the offer, You may see many offer disappear in short time.
This institutional buyer may put some offer at sell side as well, like 1.2 million at 6.3c. I also think 5.3c close, 5.5c close is from this institutional buyer, it needs to sold down the sp to ensure its bid for MNMOA succeed.
3, Since MNM soaring on 15, there is still not enough time for new institutional buyer finish its analysis for MNM, MNMOA is the right tool to involve and get enough time to finalize its investment report.
Any way, please bear in mind, for MNM's situation, if 7C broken, there should be no resistance between 7c-10c, you may see 10 very soon, because : 1 MNM cashed up, 2, technically.
Anyway, good luck.
MNM Price at posting:
5.7¢ Sentiment: LT Buy Disclosure: Held
