When the SP moves rapidly, there are some PIPs where very little volume is traded. For example 7.5 gets hit and 2 mill are traded, then 7.6 is hit and only 50,000 are purchased before it hits 7.7. Therefore a "gap" is at 7.6. Meaning that not many people hold a position at 7.6, making it a weak point should the SP retreat.
Inversely, if say 40 million shares were held at 7.5 and only 40 million are held across all of 7.6 to 8.0, then you would define 7.5 as a "support" level.
Atleast this is my interpretation!
XPE Charts, page-1475
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Mkt cap ! $1.862M | |||
| Open | High | Low | Value | Volume |
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Buyers (Bids)
| No. | Vol. | Price($) |
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| 2 | 91166 | 6.9¢ |
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