The big volume on BHP was news related, BHP released a market sensitive announcement at 1.57.
Hence the big increase in volume.
The share price moved up steadily from there until the end of the day. But - it wasn't startling.
I'd say a lot of selling occurred in that up move.
Today's bar was a relatively narrow range bar and a spinning candle. Not a good sign on a high volume day.
Here's one of Wyckoff's Laws:
"The law of effort vs. result states that the change in price [spread] of a trading vehicle is the result of an effort expressed by the level of volume and that harmony between effort and result promotes further price movement while lack of harmony promotes a change in direction."
We have lack of harmony in the BHP action today.
I mentioned in my earlier daily report that Small Ords was suspiciously low compared to the Materials sector ( Small Ords +0.6%, Materials +1.9%). The two are usually well correlated.
So it looks to me like a rush of blood to the head on the part of some in the wake of the BHP announcement - but maybe saner heads sold into the rise.
Let's see what tomorrow brings.
Good luck
Redbacka.
The Small Ords doesn't show the same sort of
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