why does the bid have to be rounded? for it to be a retail investor/no games buying? people buy in $ amounts e.g $5000 which at any price outside of 5cents would be an odd looking number. There was a 200k bid that intially started at like 4.9 and only got cliped small amounts and was moved up and around, so for the majority of the time was not a rounded number.
what happens in these sort of situations is the market takes a while to wake up to the fact that there wont be any more "cheap shares" being dumped, as the tap (springtree 90% of vwap placements) has been turned off.
What happens is, people jump over themselves to be first in line just in case their is a dump, and end up jumping over each other bidding the price up, until someone just goes "screw it" and @ markets. in this case the price was @ 6cents.
Springtree have been selling sub 5cents for months now, if they had more shares they would have dumped them by now. I am happy to be wrong. Its a steal down here given the 20++cent placements coming up, and DSO drilling coming up, and will just buy more. But i think that window is closing or is closed.
LCG Price at posting:
5.4¢ Sentiment: Buy Disclosure: Held
