on the intraday, I'm looking for narrowing spread down accompanied by increasing volume, and low volume testing / no supply
so for example, a narrow spread down bar on solid volume, followed by a down bar into a similar price area on low volume with the next bar up
there's been some pretty high volume around the 2.60 - 2.64 area in the last hour. if it was all selling you'd expect (1) the price to fall and (2) the spread to be wide
but the spread remains very narrow, and the price is being effectively capped in that range. for over an hour now. this suggests that at these levels everything being offered for sale is immediately being snapped up. IE somebody is very keen to pick up stock at this price
just my opinion, I could be off the mark here
RMD Price at posting:
$2.61 Sentiment: None Disclosure: Not Held
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