It is most likely end of month book balancing for some large insto holder/s (this would not be retail selling), as we can see it ended up being a very large volume day. It is possibly an insto who still hasn't sold down (enough yet) after BRN was deleted from ASX200, also possible they had shares out on loan - hence reduction in shorted stock recently.
Something else in play re insto sell down is that end of December book balancing is a completely different story to this month, because end of year traded volumes are usually always very much lower than any other month of the year (brokers and instos on holiday). So if they want to lighten up they don't get another chance until end of january.
I don't think we have anything cooking (until we get an announcement which would be fundamental news), the instos with their stock loaning and their bots are fully in control (and they are manipulating purely on technicals in the long term absence of any fundamental news), however I am happy to see some instos lightening their holdings because my sense of it is, that these are most likely the ones who have been doing most of the manipulating with the SP - so if correct that would be a case of good riddance.
Another facet is that there would also be a number of instos who do know what is cooking with BRN (not all instos sing from the same hymn book - they play different strategies - same with their bots), and their analysts would be aware that BRN is getting close to the point where there is a much higher probability of positive news in the near term future.
It's interesting to see
@stan9614 put up news re MSCI Global micro Caps' inclusion of BRN in their Index, because you might think that there could be some accumulation on the strength of that news, I believe this index is a widely traded as an ETF, but have to say on looking at stats (see below) it won't have a significant effect on shares traded at this point.
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Moving on to recent price action, I read somebody here the other day talking about the beginning of a possible 3rd wave up; that could not be the case after a 21 month downtrend. What I would like to see is a 1st wave up, however todays price action is threatening what was beginning to look like a break in this relentless downtrend, see chart below, but bottom line BRN has to stay above the low of 23rd Nov (the purple arrow {lower right side} is below the said recent low). If that low (18c) is broken then from a technical perspective BRN would be back in a downtrend.
Of course I do not want that to happen, because what I want to see is 25c broken through convincingly, and then we could say with a lot more confidence, that yes, BRN is in a wave 1 up.
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