WR1 General Discussion, page-17528

Just a weekly update from me.

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Last week we finished at 168.5, today at 163, so a very small loss on weekly basis. Volume wise there was no clear indication, it did 1/2m shares, nothing out of the ordinary or signifying much just on volume.

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But it was an interesting week for sure. There was a big drop last week. so the reaction this week was important. Will it continue the slide, reverse or consolidate at these levels? As happens many times after a big rise or drop, odds of consolidation are higher. And it played according. Comparatively a narrow range, from WR1 standards 150.5/170 - roughly 10% - so no give away there as well.

But there was a scare yesterday when it touched 150.5. But it rebounded strongly. Although it was slightly down today, but considering it was in downtrend, I thought it held up well.

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So have I bought back? I was very tempted yesterday in early 150s. That was my buy for last phase. And it had paid out well. So it was in the zone. But I decided not to for now. Not because of WR1 - because it looked attractive at that level. First general markets are on decline. I do a Daily Report and I have been writing there is a chance SP 500 may slide couple of more percentages towards 4300/4350. Secondly, last 4 weeks Li stocks are in big decline. From my weekly report I can see that average loss is over 30% in last 4 weeks. Even yesterday, in US the ETF of LIT and LAC did their 52 week lows. Many ASX stocks too. Many are within 5 to 10% of their 52 week lows. So not a good time in Li stocks. Last few weeks I have already got out of many of my Li stocks. So I thought I will wait and see. Either a strong WR1 price action, announcement, or general/Li sector change.
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So what may happen next week? The rebound from 150.5 has been good. It has looked very positive from that point. As if - something had to be done, I have done that, so now lets move on. So very much possible that it can now just move on. To keep a bullish note, I feel it needs to get over 178. Downside, it needs to hold mid 140s if things go bad. Lets hope the strong rebound from 150 continues. Otherwise, any announcement will dictate the price. All the best.