Welcome aboard! My only explanation for this lack of visibility in your charts is, as I have suggested, because the accumulation is being handled by an MM representing an entity wishing to maintain some level of stealth. Your observation indicates they are being successful in this endeavor. Also, in most instances, when accumulation is going on, the PPS has a tendency to rise as demand exceeds supply. Here it appears we have a patient accumulation being handled by an astute MM which has virtually taken control of the bid/ask.

SGE