Someone was placing fake bids in the market to create the...

Someone was placing fake bids in the market to create the illusion of demand and then offloading stock into buy orders that appeared above the props. Thei was also done EOD on the closing auction when large props were placed (around 25c I think) trying to suck in EOD punters to take out the 25c seller as I pointed out a few days ago. A prop is an order the plerson placing has no intention of executing. Auction props that live for less than 9 minutes are most likely to getting the attention of ASX/ASIC but more common and harder to recognize are the props (and caps) placed below and above the market. Typically, when they are close to being executed they are pulled and in my experience it is now extremely common. I think mor than half the orders in the market these days are props and caps. And with a bot of that good ol bot action from Goldman Sachs, JPM, HSBC, Citi or MS they can pretty much put and share price exactly where they want it.

Buying was much safer today as for two days the stock was not sold down through 22.5 despite absolutely no large bids below that. If there are no props in the market then it is unlikely someone is trying to offload in volume.