Just posting some views of mine regarding volume analysis on ADO.
I have done some reading on Volume spread analysis and do view it as another good tool at analysing supply/demand etc
I dont claim to be an expert so am happy to be corrected.
Just my Sunday night opinion.
See chart and comments below :
Note the areas circled in green
* You will see a higher volume up move to find some supply and the bar I am looking at is the low volume backtest and narrow spread closing down into the low of the wide spread high volume bar.
* This would suggest that buyers are happy that have exhausted supply and shareprice is ready for the next move up.
* Take note of the bars and volume on 24th November, 6th December and last Friday 16th and what happenned in the days following :)
* Add to this the current price support in the market depth up to 7.9 and you can see we are ready for the next move up.
I understand technically it may look overbought etc but when there is so much happening fundamentally behind the scenes that will create more demand and a rising shareprice and add to the overbought scenario.
Good luck to all holders short /medium/and long
Twinvest
ADO Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
