Its funny to see people's emotions go crazy when their stock starts to tumble. Reality is, the stock ran hard and people started selling to take profits. This selling then spurred on more selling from those who bought at higher levels and merely wanted to cut their losses.
Market manipulation is an extremely serious offence that is policed very tightly by ASIC on a day to day basis. If the bank you mentioned is doing this as aggressively as you allege, they will have been flagged by ASIC and will be currently under investigation. Quite frankly, I seriously doubt that they are. But for your sake, i hope you're right, because it is also a very serious offence to allege something like that in a public forum like this if it isnt true - and your taking on the heavy weights here.
In relation to another statement earlier in the post that its not strictly illegal to place large bids/offers in the screen with the intention of propping or capping the price with no intention of buying and then subsequently take them out . This is incorrect - it is VERY illegal to do that as this falls squarly within the definition of market manipulation in the corps act.
My point?
Its funny to see people get so fired up and start attributing share price weakness on some sort of corruption or unfairness. If these people took a step back and realised that they are numerous people holding this stock who all have vastly varying entry prices...a lot would still be holding from sub 10c...a lot would be holding from 40+ cents. So when these sub 10c holders decide to play it safe and cash in on all or part of their 400% profits before the uncertainty of drills and results and the 40+ cents holders starts cutting their losses with a view to enter lower, we get what is called a CORRECTION. If you cant handle a 20% share price correction after a recent run of more that 400% then I suggest you go and trade some granpa and grandma stocks like Woolies or Commonwealth Bank.
WMT
western metals limited
