This is how resistance levels are created. Another important concept is that once a stock penetrates what was a resistance level and holds then that penetrated resistance level becomes the new support level, or floor. Support and resistance. Terribly important concepts for a trader, and quite valuable to a long term investor who is contemplating when to enter a position on a stock. It is often times the primary basis for following an individual stock.
Turnover is the relationship between the float and the average monthly volume.