re: Spec Play - HGRAF

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So what does that tell us?

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Yes — that is genuinely noteworthy, assuming the four volume figures are accurate and comparable across Canada + U.S. exchanges.
Your numbers show:
Day
Price
Volume
Friday
?
1,935,956
Monday
?
2,388,979
Tuesday
?
929,378
Wednesday
?
799,147
The contrast is pretty striking:
Average volume on up days: ~2.16M
Average volume on down days: ~864K
Up-day volume was therefore about 2.5× the down-day volume.
Wednesday's volume was only about 33% of Monday's, despite the stock declining.
Why I'd consider that bullish from a volume perspective
A healthy bullish pattern often looks like strong volume during advances and contracting volume during pullbacks. StockCharts specifically describes expanding volume on advances combined with contracting volume on pullbacks as volume confirmation of an uptrend. ?
ChartSchool
What you're seeing is almost exactly that pattern:
Buyers appear to have been much more active when the stock was moving upward, while the recent decline has occurred on substantially less participation.

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That can mean the sellers pushing the price down aren't necessarily demonstrating the same level of conviction that the buyers demonstrated Friday/Monday.

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