RE: Big ask order 2 million shares @ 0.07 cents Hi Investrichly,
There are 37 orders that make up that selling block at 7 cents ... (That says a lot about it)
While there maybe some of the buyers at 3 cent there, I believe that the vast majority of the flippers and short term trades have already sold there position before .. So I am skeptical about those orders...
For me, they are more an indication of where the pro, day traders and others have decided to place their short bets on the stock...
They look at the chart and notice that the long term resistance was 7 cents, and they all decided to pile up theire short orders there...
Remember that for these type of trader, placing these type of orders are just there for real estate value..., 7 cent seem to be an interesting technical inflection point therefore they want to be there..