Cashpo1nt: The bid/offer price at the end of day was due to the auction (shown as an "AU" in the same column as the "A" appears). Backwardisation is when the price drops very quickly and the MMs get out of step with each other such that the bid gets ahead of the offer. When it happens trading gets momentarily suspended whilst they sort themselves out.
I had the luxury of sitting at home this morning watching the level 2 whilst trading was going on. It seems that the MMs were running a very tight book and the only real selling happened around 9am. The rapid movement of price resulted in a number of trades being shown as sells due to the advfn software automatically sorting the trades into buy/sell columns based on the mid-price.
Yes there'll be profit taking, but finishing on an intra-day high..umm..year high, suggests that there is more rise to come.
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