Tuesday 14th November 2017
Following on from the short started on the previous friday afternoon and the very nervous behaviour of the Market Makers the previous day the share price opened apparently down 5% due to the previous day’s incorrectly reported 9.75p closing price.
Despite/maybe because of this trading opened with strong buying which was initially held in check by sells at 8.875p – at 8:12:50 by a Sell of 101,462 and then again at 8:29:18 with a Sell of 102,472. The sells stopped and the buying continued at a shade under 9.25p until 10am when the price being paid started to climb as the nett traded shares position moved above +500K.
The Bid then moved up and selling appeared to resume in the 9-9.1p band, with almost exclusive selling until 1:30pm bringing the nett trade position back down to +200K. At 1:28pm a Sell of 142,857 arrived and both the Bid and Ask were dramatically cut as the Market Makers moved again to counteract a possible short attempt. We have conservatively left our Bid-Accumulation line at 9.15p during this period but it is possible that some of the trades at 9.0p in the brief period between 1:28pm and 1:32pm were actually further Buys.
No matter, by 2:23pm the predictable flurry of Buys had returned the nett trade position back to +160K. The Ask was walked back up again but this time Sells did not return until a price of 9.25p was reached. Like a broom, Sellers at 8.875p, 9-9.1p and now at 9.25p, have been swept out in todays three selling cycles.
The SP finished at 9.25p, apparently down 5.1% on the previous day’s false SP finish of 9.75p, but in reality actually up 1.3% on the 9.125p which should have been reported. The volume was 2.485M – not markedly above the average of recent times, though the number of trades is clearly up. The nett trade position finished the day remarkably close to neutrality, though as explained previously the Buys may have been estimated slightly conservatively.