By placing large orders below the genuine offer side, your player is either trying to suppress the bid side in pre-open or teasing out a real seller at the same price. The fact the the offers are removed just before open suggests he is not actually a seller but a buyer. Any sellers matching his offer would be quickly snapped up and the share price is reduced. He is also not a short seller who would be looking to sell at the genuine offer price in order to maximise any return.
It is against the rules for brokers to be on both sides of the market, if they have clients who are on both sides they trade in house and expose only the imbalance to the market. While these rules apply to brokers they do not necessarily apply to the clients who will often use multiple brokers to achieve their ends.
WPG Price at posting:
9.0¢ Sentiment: Buy Disclosure: Held
