Recaps · September 16, 2026

NAMI, September 16: a 6:58 a.m. spike to $3.98, a $3.00 wall, and a fade

• Small cap
• Momentum
• Main move: pre-market
• Gap, run and fade
• Pre-market spike
• Round-number break
• Float traded 3.6x

Float

2.17 million shares

Volume

7.96 million shares

Previous close

$2.28

Open

$2.74 (up 20.2%)

High

$3.98 at 6:58 a.m.

Close

$3.12

The day before

On September 15, NAMI ran from $1.93 to a high of $3.80. It gave most of it back and closed at $2.28.

A press release went out at 9:00 a.m. that day. The headline was about the company deploying AI content assets for micro-dramas. The data shows only the headline and its time. After hours the stock was back up to $3.32.

Pre-market: the volume wakes up

The first trade on the 16th was at $3.10, already above the $2.28 close. From 5:05 to 6:46 a.m. it stayed between $2.89 and $3.19. Volume was thin for long stretches.

That changed at 6:47. It jumped to $3.31 on 41,389 shares in one minute. From 6:56 it picked up speed: 80,026 shares traded in the 6:56 minute.

Level 2 showed something above the price. Since 6:47, an ask wall had been building at $4.00.

Here's what happened. The 6:57 minute ran to $3.87 on 206,265 shares. At 6:58 a buy order swept eight price levels from $3.67 to $3.75. The high so far was $3.98, at 6:58 a.m., two cents under the $4.00 wall. The 6:58 minute traded 460,769 shares. By the end of it, more shares had traded than the whole 2.17 million float.

The reversal was just as fast. In the 6:59 minute it traded down to $3.35. At 6:59:58 a sell order went through eight levels, from $3.44 to $3.37. At 7:01 it hit $2.95, and by 7:06 it was at $2.56. It reached $2.54 at 7:18 a.m., down 36% from $3.98. The pre-market volume was 4.16 million shares.

The open

It opened at $2.74, up 20% from the previous close. An 18,142-share print came through at $2.74 one second after the bell.

A bid wall had been building at $2.17 since 9:26. It peaked at 33,596 shares at 9:30:04, and it was pulled at 9:31:24. It sat 57 cents below the open price, so the price never came near it.

The stock did not hold the open. By 9:33 it was at $2.59, and at 9:44 it touched $2.54, the low since the open. The low so far was $2.51, at 8:17 a.m.

The second push at 10:28, then the wall at $3.00

At 10:00 it started up from $2.65 and reached $3.00 at 10:05. Then it chopped back to $2.72.

The bigger move came at 10:28. It went from $2.89 to $3.37 at 10:30, on 150,052 shares in that one minute. Two minutes later it traded as low as $2.81. Ask walls had built above it: 30,355 shares at $3.85 and 28,001 at $4.11. Both were pulled at about 11:00.

After a run to $3.22 at 11:01, it slid to $2.72 at 11:18. From there it drifted between about $2.76 and $2.99. From 11:34 a.m. on, an ask wall sat at exactly $3.00. It peaked at 24,712 shares at 11:50 a.m., about 1% of the float. For over an hour the stock stayed under it.

Here's what happened. At 12:49:47 an 11,800-share print went through at $3.00. In under a second, 15,002 shares traded at exactly $3.00 and the wall was gone. It wasn't pulled. Buyers ate it. A buy order swept five levels from $2.99 to $3.03, and the minute reached $3.10 on 38,800 shares.

It did not run far. It worked up to $3.20 at 1:06 p.m. and then drifted back.

The late push and the close

At 3:21 p.m. a buy order swept 12 levels, from $3.23 to $3.35. At 3:23 p.m. it pushed to $3.70, a lower high under the $3.98 top.

From there it faded: a low of $2.99 at 3:37 p.m., and $3.12 at the close. After hours it dropped to $2.54 by 4:52 p.m.

Pre-market and the regular session together, 7.77 million shares traded: the float changed hands about 3.6 times, at about 12.5 times its normal volume. 4.16 million of that was before the bell, and 3.61 million was in the regular session.

What to take from it

• A spike on huge volume can reverse in minutes. NAMI printed $3.98 at 6:58 a.m. and was at $2.54 by 7:18. The price at the top of a spike is the price few people actually get.
• The later pushes stopped lower. $3.98 at 6:58 a.m., $3.37 at 10:30 a.m., then $3.70 at 3:23 p.m. It closed at $3.12, 22% below the high.
• Even right after a wall breaks, the book above can be thin. At $3.00 the screen price was $3.04, but a 5,000-share buy averaged $3.06. At the 6:58 high it was $3.97 against $3.93 on screen.