Been checking out HAV recently, looks like accumulation is going on. See the rise in average volume from the beginning of the current trading range, and the weakening (ending?) of the downtrend in the detrended price oscillator:
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In phase B, institutions and large professional interests are accumulating relatively low-priced inventory in anticipation of the next markup. The process of institutional accumulation may take a long time (sometimes a year or more), and involves purchasing shares at lower prices and checking advances in price with short sales. There are usually multiple STs [secondary tests] during Phase B, as well as upthrust-type actions at the upper end of the TR [trading range]. Overall, the large interests are net buyers of shares as the TR evolves, with the goal of acquiring as much of the remaining floating supply as possible. Institutional buying and selling imparts the characteristic up-and-down price action of the trading range.
Early on in Phase B, the price swings tend to be wide, accompanied by high volume. As the professionals absorb the supply, however, the volume on downswings within the TR tends to diminish. When it appears that supply is likely to have been exhausted, the stock is ready for Phase C."
