Why do stock or commodity prices sometimes rise suddenly just before market close?
I often (not always but often) see that stock/commodity price rise sharply when market is approaching close. Shouldn't this be opposite (taking intraday profit)?
What is the purpose of this strategy?
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This is often the case where traders are closing out short positions they don't want to hold overnight, for a variety of reasons that matter to them. Most frequently, this is from day traders or high-frequency traders settling their accounts before the markets close.
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