I view it simply as a tussle between accumulators and distributors i.e supply and demand. When you see the price tighten up and volume drop, you know it's time to watch because either the accumulators have come to the realisation that there's still excess stock and they're about to stop buying at the current level and look to buy lower or the sellers at a level are done and buyers will need to push it up to find new sellers.
See the volume pick up as the price fell from those first two points of tightness, where this time the price and volume really tightened and then moved up. It's no surprise that it got hit from that high 30s level, there's a lot of trapped holders in there, some who don't care and will hold regardless and some who have been hating the stock for the past few months and are very glad to get their money out
(I could have included that tightness that developed mid April too that was subsequently sold from)
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