BF Imo no, volume and sentiment don't go hand in hand, sounds counter intuitive but if we look at a strong long-term uptrend the number of shares traded can be below average for a considerable time, yet the trend continues. What happens is that bears can morph into bulls if fundamentals improve and won't sell or if they do, demand a premium which is disguised as positive sentiment, but they are still bears so the volume can remain even.
You will have noted that some stocks are so illiquid they barely raise a bid in some sessions, but the trend remains intact, just as you've seen huge volumes on positive news that barely shift the needle, or price goes down. As a trader I try to leave my own sentiment out of the decision-making process & I would hope that comes across in my posts.Moving averages are some of the best indicators of sentiment used by TAs, if buyers are paying above the price x days ago the trend is up, the reverse is also true.
Volume analysis is a separate disciple to all the other squiggly lines & patterns etc.
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