Our 1000 share calibre machine gun bot has pushed ahead below 65c after yesterdays victory. Take out the odd lot bot bids and asks from ASX and Chia that appear shortly before open each day and genuine orders look very thin indeed. In all likelihood many of the 10,000 orders spread up and down both sides are placed by the same person to create the appearance of some liquidity when really there are not many active players at all.
IMO the unusual style of a 1000 share machine gun bot is a conscious decision to send a message to buyers not to take it on. Who wants to buy into a well armed machine defending a price point right? Better to wait until the price moves lower and pick up what you want cheaper. Will be interesting to see where the bot wants to take the price but it seems most players have placed their bets and remain inactive at this late stage, also waiting to see where the chips fall. Maybe we will find out shortly if this is one last push back down for lower VWAP purposes. Otherwise nothing doing.
SFX Price at posting:
64.0¢ Sentiment: Buy Disclosure: Held
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