Most people read the candle. I read the volume - and NREDF just flashed 2.2x average.

When a stock has a big move, most people look at the candle first. I usually look at the volume.

Relative volume, or RVOL, is one of the easiest ways to see where traders are paying attention. A reading of 1.0 means trading is about average. A reading of 2.0 means twice the usual number of shares changed hands. It doesn't tell you who was right. It tells you where the market is becoming active.

Here's what I was looking at across a few copper names:

* NREDF: 2.2x average volume
* TECK: 1.4x
* COPJ: 1.3x
* FCX: 1.1x
* BHP: 1.2x

NREDF stood out by a wide margin.

The next question is why. Was that volume driven by people taking profits after the rally, or by new buyers starting positions? One trading session can't answer that on its own, which is why I always look at the context.

The increase in activity came after several company updates. NovaRed expanded the Wilmac project to nearly 39,700 acres, released its regional interpretation of a large magnetic anomaly, and followed that with the Plume Grid update identifying two mapped alteration zones that will be investigated with IP/AMT surveys before drill targets are selected.

Whether you were bullish or bearish, those announcements brought a lot more attention to the stock. The volume shows that more market participants were willing to make a decision instead of watching from the sidelines.

The next few trading sessions matter more than any single day. If volume stays above normal while the selling pressure begins to ease, it suggests buyers are continuing to absorb shares. That's the kind of behavior I like to watch after a sharp move because it can show whether interest is fading or continuing to build.

For me, the 2.2x RVOL wasn't the conclusion. It was the signal to start paying closer attention. That's often when the most interesting setups begin to develop.

Volume tells you where the market is waking up. The next few sessions will tell you if it's here to stay.

Everyone Was Watching the Price. I Was Watching the Volume.