question, how do you read this action- big block sitting there on AEZS on the ask at 1.92 ...10K went through at 1.92 then 50K blew through at 1.919, what's going on with this price action? thanks newbie in the sierras
Just a guess. This is accumulation on steriods. They have a short position they must protect and need long shares to dump to hold or to drive it lower. Some here summized there is substantial short position in the 4.50 range? Anyway you look at it as shares are needed by multiple players if indeed this is headed higher. Look at this as an intersection where all kinds of greed are now looking at each other wondering whom will go first.
Keep in mind that the Hedge trades through multiple books actually buying and selling into their own hands creating an illusion of a market. Their trading is for free hence the multiple 100 share lots that their machines and software move. They can adjust the time, shares and PPS to their specific targets and just turn it on. There's safety walls built in so to protect it if a bigger player upsets their pattern. They then manually return it or it does it automatically.
Peeps are wondering why they don't take it lower? You and I cannot see what they can. Some call it a level III. There maybe triggered buy orders we do not visually see on the books that they are all privey to. Second is the value of the shares maybe mutiple exponential and they are cautious about giving shares away for potentially less. Third any dip into the 4.30's or deeper may produce a sligshot affect and upset their methodical vacumming of shares they have going on. Be aware that that many players want in either now or upon release of news. They are looming and have triggers already set to go off while others are accumulating.
Their courtesy marker is 5000 Arcx book at 4.69. This is a double top in trading usually followed by a retrace. It has taken too long to turn so maybe they are trying to get peeps to unwind before they take it higher to gather shares. When its stepped back there has been a few buyers. Going now for a triple top and a break up?