[SunTrader]

I like to think of bars with long wicks in a down move around a support area as more a drying up of selling pressure and not necessarily a large influx of new buyers.

Otherwise why is there such a large move down from the previous close.

Obviously there was buyers above, but there was still too many sellers to be absorbed till it went lower. It then stopped going much lower once enough weak hands capitulated and got out.

Once the move started back up more buyers and short coverers came in and less sellers were inclined to get out or potential new short sellers deciding to wait for a better entry point.

Vice versa in other direction, naturally.