Wyckoff trading method, page-1956

PHK, firstly we have that positive response to the strength in the background. 3 bars back had a range of 3c for that volume, 2 bars back had a range of 1.5c with similar volume. Also note that 2 bars back was the highest close on PHK. Today volume completely dropped off with only a 0.5c spread. I agree with you that 2 bars back encountered supply, however did it overwhelm the buyers? Today's response suggests no, as sellers would have carried on today with the lower price? With the strength in the background, if PHK can hit 18.5, it should carry on. Time will tell...... Market depth doesn't look promising.