OK, this is what the chart looked like, at the time.......picture if you can what it looked like before the stock was bought UP.
There had already been a second gap down, and then two more days of lower trading, then initially price was carried right down to 5.34 (a new low- and a spring actually), and price looked dire........
Then BAM........everything on the 'offer' was bought UP to 5.61 in a relatively short time.......and it was this buying UP that I have called a reverse accumulation.
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and this was the response.........note how after the bar in question, price never appeared weak, but I can tell you it was different at the time.......after price had gapped down from over $7.00 to $5.50 there was a lot of nervousness in the BRG market, and when price gapped down a second time and began grinding lower, there were more than a few holders who were shaken out (as price had previously been in an uptrend prior to this weakness, and had risen from ~3.00 to ~7.00 in about a year, and some holders did not want to hand back anymore of their gains, and so they sold out).
Also remember that normal volumes prior to the big gap down were about 250,000 shares traded per day, and it wasn't uncommon to have less that 100,000 shares traded on some days. So to see active trading of between 1.5 million and 4.5 million shares per day was very unusual indeed.
In hindsight, there was an urgency to get as much stock as possible while holders were concerned, and therefore vulnerable.......and perhaps that is why this different tactic was used......... (it could also be a tactic only used by an individual trading house......I don't know......).
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cheers
