Most of the volume was a 300 thou trade at 11:32. Internal Market Swap order (ISO), so probably institutional. I agree it may well be a good sign that we are not in danger of a big drop in price, but don't forget there was also a seller.
My question is was it a trade set up by the market maker (from his stock of shares which could have been purchased at a lower price) or a trade set up from one institution to another? No matter it is positive because not many firms are going to shell out over a miilion dollars unless they are confident the long term looks promising. IMHO