HFR Chart, page-111

Yeah it will make for an interesting trade opp if she drops back down to low 90s again.

I'm still not sure what drove the rapid rise over the past few weeks. Technical trading doesn't quite explain it.

From 30th March when the rise commenced (previous close of 89c and ended 30th at 95c), to 7th April when the action tapered off (opened at 1.16 and closed at 1.19), the cumulative volume (ASX only) was 3.63m shares traded.

The fall back down from 1.19 to 98.5c today has only been on 492k shares traded on ASX (from 10th March to 13:00 today).

That tells me that the large buyers probably aren't the ones selling now. It's a big assumption but I'm leaning towards the 492k selling being traders and retailer buyers who bought on the way up near the top and are cutting losses.

That means there's still 3m of shares that haven't been re-traded in that time which points to accumulation. That could strengthen the theory that this was a leak of sorts, or just an opportunistic buyer taking the low SP as a way of accumulating millions of shares.

3m shares at roughly $1 each ain't peanuts so I'm hoping he/she/they know more about the approvals process than we do.