Very whacky behavior...
While the raise in the spread today from .175 x .180, to .18 x .19, around 10:00 was lightly justified by a few buys, the subsequent raises, are less prompted. There was significantly more money/shares banging the ask the last few days, w/no reaction in the spread. Today that changed.
Two guesses...either the overhead shares that have been sitting on the price have dried up, or they left early for the weekend. There is no sustained volume to indicate the overhead resistance/selling is done, but the slip up today is anomalous to the behavior since the start of last week's nasty correction on no volume.
I'll be watching to see how much volume starts to back up existing position, on the buy side. Technically, fwiw, the weak volume selloff since last week has served to correct the charts, w/o compromising the the budding uptrend. |
