medium · Volume Spread Analysis supply-demand-smart-money

A stock in a steady markdown phase attempts to rally. The rally consists of three bars: the first has a wide spread up on high volume, the second is narrow spread up on average volume, and the third is narrow spread up on volume lower than the prior two.

How should this 'Bearish Sequence' be interpreted?

  1. An 'Absorption' push to clear out the short sellers at the top of the range.
  2. A healthy 'markup phase' recharge as volume contracts on the move higher.
  3. Supply Overcoming Demand followed by No Demand, suggesting the rally is a trap.
  4. A 'Bottom Reversal' sequence that is preparing for a new bull market.

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