Trademoreper, and @Recherche and @Narly,
you seem to be interested in Volume Spread Analysis.
This video below is a clear introduction to VSA. It also shows about using previous candle and volume as reference. You need a reference to make the judgement. It seems to be easy but it can be very tricky when it is not a clear cut case.
And if you want to study it deeper, then get the book by Anna Couling entitled A Complete Guide to Volume Price Analysis (the ebook is very cheap!)
VSA works. My call here are often 1 day too early. That is because of that "judgement" thing which needs fine tuning.
PLS chart, page-19581
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 (20min delay)
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Last
$2.89 |
Change
0.040(1.40%) |
Mkt cap ! $8.703B | |||
| Open | High | Low | Value | Volume |
| $2.78 | $2.89 | $2.78 | $29.90M | 10.51M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 39193 | $2.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.89 | 73947 | 7 |
View Market Depth
| Last trade - 16.10pm 01/11/2024 (20 minute delay) ? |
| PLS (ASX) Chart |