Yes, it did look like buying or support came in on bar #1, however when it looked like it would fail, it appears at least some of the positions were dumped on the 4th & 5th October. And since then there have been a couple more attempts to support the market, which have also ultimately failed as well (on a daily timeframe).
And on a larger timeframe, like a weekly, things look even worse at the minute......
That said....yes, that narrow spread downbar on high volume suggests (speculative ??) buying or support for sure, however the stock appears to be in a downtrend at the minute (and looks like it has broken down badly on the weekly chart), so while you could trade an expected potential bounce off of that buying, the downtrend influence may thwart some of the expected benefits.
At this stage I would be reluctant to establish long, medium term or swing positions until a change in trend was at least some decent chance (higher low and/or higher high would be a good start). And for a larger timeframe trade (daily or longer), don't worry about missing the boat....most stocks will not rise with a 'V' shaped recovery....most will go sideways for a period, while supply is mopped up.
And a low volume narrow spread downbar with the next bar up provides a much safer entry point after a strong bar like you mentioned is in the recent background of the chart.
