TOPGLOV - Smart Money Buying?
Updated
TOPGLOV ( and other glove counters) has been in downtrend for the past 2-3 months. Yesterday 4/1/2021 there was a widespread down bar with ultra-high volume. And the next day price actually gain a bit. Yesterday's volume was actually the highest daily volume since 2018. We can see also that the close of the bar was higher than the low, therefore indicating there was buying at lower price loevel. If we zoom into intraday chart, we could see that the highest volume was at the lower region of the bar. Smart money buy low, and sell high.
This ultra high volume down bar might be a selling climax, where smart money was buying while the public are selling. I'm looking forward for the price to rally based on this sign of strength based on VSA analysis principle.
This ultra high volume down bar might be a selling climax, where smart money was buying while the public are selling. I'm looking forward for the price to rally based on this sign of strength based on VSA analysis principle.
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Follow up for my previous post. After the selling climax on 4th January, price rises slowly until 8th Jan, where a widespread upbar closing at the top appears. I believe this is an "effort to rise" bar as it tries to break above the 6.100 level (many short seller would have short here?), and also the upper line of the downtrend channel. This is a sign of strength. Price then retraced down slowly with decreasing volume back down to 6.100 level. I'm looking forward for a test bar or no supply bar followed by further rise in this counter.
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