I don't understand Friday's trading pattern. XIN opened up a little, but then jumped almost ten cents in half an hour. Nothing's strange about that so far, until you look at how low the volume was during the price spike. For a spike that large, at that time of day, it seems like there should've been higher volume.
It was like the Market Maker had to run to the bathroom or something, so for half an hour there was no brake in place to prevent even small-ish buy side pressure from causing inordinately large price increases.
A couple of "ifs" might explain the action...
1) If Blue Ridge is responsible for much of the downward pressure, due to selling.
2) If Blue Ridge was not selling on Friday (or is done selling?)
Price and volume we saw could be a peek into upside potential and how tightly wound XIN is right now....
Even if they're right, how would any of those assumptions about BR explain why the price spiked 10 cents in half an hour at such a weird time of day on such surprisingly low volume?
I've seen more than my share of 1 day charts, and XIN's Friday chart was a weird one. I'm not crying foul or anything. Several hundred thousand shares traded at the $2.85 level after the spike, so the market could be said to have had conviction in that number. But it was weird how it got there.