It's possible, since they're doing things that will draw the chart. Tuesday and Wednesday of last week, about 30 million shares changed hands and on both days the price closed low in the daily range, which would drag Acc/Dist downward even though *somebody* bought 30 million shares.
If MMs stealth accumulate and then take it down a level, they would lose money compared to just taking it down in the first place and buying lower. I guess it depends how aggressive retail is buying and holding at each lower level. If retail never lets up (or only increases as the price descends) and MMs want to accumulate, they'll have to grab shares when people are panic selling during cliff drops.
Alternatively, as long as retail brings new money and ENZC keeps dangling a carrot without following through, MMs can short this perpetually and make profit as long as they control their risk. Will they get caught off guard when ENZC finally has a big news drop? Are they counting on there being no such catalyst? Are they stealth accumulating to hedge against that possibility?
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