Paladin cut a new high on Feb 10, 2009 (Tuesday) at $2.94 moving more than 11 million shares of which almost 6 million of that ghosted through Level II in the first hour and 1/2 of the open without so much as a howdy do.
Huge blocks of shares on the Level ll tracker magically appeared after the fact, as trades that didn't show up on the ask or bid, except shortly after, as a record of the transaction in the tracker.
Crosses would be the descriptive word here.
I have seen this before, and when I do it always seems to precede a high or top. I find it hard to believe that traders in the know, are so caught up with greed, they recklessly jump in buying up thousands of shares in 50 K to 100 k blocks or more.
It seems that it is some type of manipulation/business as usual that is designed to sell into strong price. The result was a magnificent churn that is presently charting a consolidation pattern with support targeted in the $2.30 area.
In spite of the huge churn, the medium trend is still up and a buy the dip strategy is the action of choice.
For some Technical analysis in the Public favourites list...
PDN.TO is shown in two different formats.
The format to look at is the trading style with the... %b ... overlay on a shaded bollinger study. This type of trading system chart is explained here...
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Kenuck SmallCap Trader before making any type of decision as to whether you would incorporate this strategy.
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