Stocks and markets can trade in flat, tight ranges on low volume for weeks, if not months. When volume suddenly spikes up but price does not move, a warning is flashed. A small number of participants have suddenly taken interest in the stock and this is evidenced by the volume increase. However, since information flows are far from perfect, the majority of market players do not follow this lead and therefore do not push up price. Eventually, the "herd" discovers this activity and the reasons behind it, whether they be fact or rumor, and start to take notice. The stock then breaks out of its range.
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