medium · Volume Spread Analysis effort-vs-result-spread

A practitioner sees a test bar with low volume and a high close, which is normally a buy signal. However, the practitioner decides to short the stock because the market failed to move up over the next three bars.

What principle is being applied?

  1. Professional support at a reaction high.
  2. Negative response to a positive signal.
  3. Supply swamping demand.
  4. No result from effort.

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