ripe for a rebound, page-9

The last trades at 12.03pm were 17,185 shares at 32c and then a second later a sale of 17,185 shares at 31c. That clearly is a poor trading strategy unless someone is trying to accumulate/distribute a reasonable number shares and thus needs to create the illusion of a liquid market.

Given the price action over the past few weeks it is likely someone who is still trying to rid themselves of some shares and was willing to pay up to create some excitement this morning in the hope they could bring in some bid depth above 30c. I think you would find the bids at 30c would quickly disappear if 30.5c cleared. It is also telling how quickly 32 and 32.5c asks are built up after clearing.

We'll know for sure if we see a few shares clear in the 35c range at the close which would create a large price increase on greater than normal volume. Just the thing to highlight CHN on traders' screens for tomorrow.

I guess we'll see how it plays out.