10k shares on something that trades that much and that just had that much dillution means nothing. maybe if the bid was 300k or 400k and was actually moving the stock up then it would be something to watch and get in front of. if it wasn't moving and was just sitting there then maybe you can use it for support but again i'd just have to see how it was trading.
If I'm there to buy 100k shares, am I going to just put a limit order and let it sit on the book for everyone to see? ummm......
Yes. Because you WILL get filled. If someone posts a 100K bid, it could be the end of his 1Mil order and he's just saying "come and take it so I can go home".
So there are two possibilities: 1) Someone just want to get fill at that price only- nothing more/less. If he doesn't get fill at that price, he doesn't want the stock- or care for it. 2)Someone put a bid there to create a "bullish" sentiment, or some level of support Either way, it doesn't make a bullish case for the stock IMHO.
L2 is trivially easy to read. IF: You stand on your head Convert all prices to Octal Squint Cross your eyes till your nose bleeds. At that point all is revealed. not Jack Hershey.