What happened there, very explosive..
We had a similar play on Friday, slightly less volume of 14m, today 19m. But copy of that trading day. On Friday, Moved from 6.6 to 7.9, high of 8.3, gain of around 20%. Today moved from 7.4 to 8.9, high of 9.5, gain of around 20%.
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So what's happening? Some strong buyers out there. Don't know the reason, but seem very committed. Even yesterday when price was easing slightly, someone kept buying at 7.4 and did not let price go down further. Today it was all buy.
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Personally I had mentioned I had let go my trading portion on Friday at 8.2. I bought back them today, average around 8,so not much difference, but as I wrote on weekend, wanted to see an uptrend. . Don't know what is happening but price action was compelling. Hope it's something meaningful. Tomorrow's trading should provide more insight, at this stage difficult to say.
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So what may happen tomorrow? We need a follow up day. If we were to fall, hopefully it holds early 8s. Cap raise was at 10. So if some mean business, 12.5 may be first target. An interesting day coming up. Let's hope it's a good one. All the best.
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