Strange Price Pattern of KLXI on 9/8/2015

I noticed stock KLXI had a very strange price chart today, see below chart.

There are two abnormal observations:

  1. There were some block activities around 10:40 AM
  2. After that, the price hovered over very tightly around $39 for almost the rest of the day

KLXI_20150908

Such a straight line pattern usually can happens in short period, where a big buyer or seller had a large order placed at a limit price, absorbing all the liquidity on the other side when the price is coming into that person. In KLXI’s example, the stock went up from 38.5~ to 39~ in the first hour and seemed to hit a resistance level after the block/s. In other words, this pattern looks like a big seller sitting in a bull run, however I find it is very confusing. Nowadays, how could someone uses limit order in such a unsophisticated way? This is like shouting out to everyone else that I got a huge position to get out of.

I hope I could find something more from tick data.