"Whats going on is plain: its called accumulation."
The accumulation is deliberate & steady & on the sly. Somebody does not want to be seen accumulating in stealth mode, and they obviously would rather make a buy at the ask rather then wait on a penny or two less at the bid. And they are very careful to manage the size of their buys so that programs at the trading desks don't start ringing accumulation alarms.
you have exactly described the inception of institutional buying. i've seen this particular pattern before and within several weeks for a few months when these institutions have the position the mm's let price go.
100 share clips keeps the underlying prince in the range these institutions seek to build a position.
after a few weeks i'll check new institutional and mutual fund positions. if it falls within the month of late Sept and early Nov i'l know for sure this is why the price was being pegged at this level,..for the big boys to buy.
my two cents
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