I Think where your assumption is again wrong is that you say "if it was printed at the higher end of the range and the stock had been strong that day, it was likely to have been from a buyer. "The order will print on the tape and may have been printed earlier in the day. The pump and dump theory may be one from his own company. Form T trades a broker can sell in general is an averaged weighted price, but you cannot speculate the volume after hours. As far as volume if there was no pressure the stock could not go up. This rule is not absolute Howeveryou have to be appraised of the concurrent buying end of the range to make that conclusion. You should try to be more familiar with the FINRA rulings as well.