it signifies that the intraday range was tight, and chances of breakout are in either direction, (hopefully with momentum) are high for the next day.
On Tuesday & Wednesday, we had to take to two directional trades, but ultimately achieved the day's target.
On Thursday, we had, as pointed out by arm, failed BO & BD...
Intraday Range (high-low):
Monday = 102
Tuesday = 73
Wednesday = 68
Thursday = 46!!!
Friday = ??? (maybe 85, if not 35)