Should have posted this analysis to the AVZ chart thread ...but query was from poster on another thread.
Anyways my thoughts on increasing volume contained with the body of this repost.
We have had 3 recent down swings on the price including the sharp one beginning of May. Each one on reducing total volume. So running out of ammo.
1.
30th to May 1st & 2nd: Sharp decline Duration 3 days, Volume 12+62+76m = 142m traded
2.
May 14 to 16th: Moderate declines Duration 3 Volume 14+31+47 = 92m Traded
3.
May 21 to 25th: Slow Decline Duration 4-5 days; Volume 16+7+12+20 = 55m Traded
Each leg the sellers appear weaker. Each leg appears to have a peak in volume the day before the reversal day back up, explanation buyers entering!. Price moves of downward legs reducing and individual day bars reducing in size on decreasing avg volume. I say Bears are cooked/done!! They had their opportunity today but we were left wanting and they never followed through.
Conclusion gradually running out of steam and finding it increasingly hard work to push it down until Exhaustion point is reached. Most probably realize the weight of support that exists below current price. We will bounce out again IMHO
