yes, it could be.....it is even more noticeable on intraday timeframes.
Also note that fundamentally, BRG was a pretty good stock, and the bad news was centered around the loss of a beneficial contract, and so their balance sheet was likely to be affected for a period (in the end it only took about one year, and the balance sheet was never seriously affected...they continued to pay increased dividends right through this period.....as an example ).
Remember here that when Tom Williams was working for the private trading syndicate (hedge fund), for their stock trading, they would generally target stocks with strong fundamentals (either revenue or news flow), and the syndicate employed a few specialist fundamental analysts to search for likely stocks. And it was only after the stock had been selected fundamentally, that the specialist chartists and professional traders took over.
As I understand it,.......it was their longer term accumulation and distribution of stocks that provided the syndicate with 'champagne and caviar', commodity trading and some minor stock trading was where they earned their 'bread and butter' along the way.
Anyway, I just 'doctored' up a chart to show how dire the price action looked at the time...
Before price was bought UP, it really looked like price was about to breakdown again, for a second time. And in response, many holders placed some or all of their stock onto the 'offer', because they did not want to accept the worst price at the time, and so they offered their stock hoping to get a slightly higher price.......and sadly (for them) they certainly did......and after the event, price really almost never looked back.
