If you noticed the stock lately drifted down to 0.5c and for few days stayed with traders offering to buy at 0.5c and some shareholder willing to sell (of rid off) at 0.6c. Of course on each closing day at 0.5c it should give a shiver to Rathie and Board bringing company's capitalization which only last year was close to $20mln and now dropped to $3.8mln.
With 0.5c buyers and 0.6c sellers sitting on the fence for few days it took less than $12,000 to wipe out yesterday all shares at 0.6c on offer and buy few more at 0.7c by adding for that little outlay of money almost $2mln to the company capitalization. And today with less than one million shares on offer for 0.7c somebody swoop all of them for under $8000 and few more at 8c bringing another $800,000 to the company's capitalization.
But if you look at Market Depth it becomes clear that none of these trades were coming from buyers who put their offers via brokers and waited patiently like fishermen who will bite their offer. All these higher than market trades came out of the blue, from someone who may called a broker and ordered to buy all available shares on Up-Sale. You can clearly see that a number of registered Buyers are still the same - 7 buyers willing to buy 4.6mln shares at 0.6c. So who came in to buy all available shares at 0.7c and few at 0.8c? Somebody who was interested to prop up the share price for whatever reason – a typical market manipulation by insider/s.
It will not stay long. There is no fundamental reason for shares to go up. The market will get things right and shares will continue to slide down to zero.
DDT Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
