Are we ready for new 52 week high?.Yes, from a weekly perspective, a very good week, a move from 11 to 14.5, over 30% gain. Volume has also picked up, especially on the last couple of days, after it decided to get past 12.5..So what is happening? There are some big buyers around. And they are not afraid to show their cards. I felt today's play was very good, in fact better than yesterday. The break above 12.5 to 14.5 which happened yesterday was decisive, in the sense it broken the momentum of last 2 weeks - consolidation in the 10/12.5 zone. But I was half expecting it, so was not surprised. Today's play I thought was much better. We needed a follow thru, and we got it. Many times one day strike is lost. But we built on that today. Not sure what has changed in last 2 days, but sometimes in the spec area, we will never know, as 1 or 2 brokers can make a big difference. Many times we don't need to know. Its best to follow price action. It could be some results from before, or people realising potential and taking positions before drill start, or as conspiracy theory says - p & d. But we will know, maybe not immediately, but shortly..Personally, as I wrote yesterday I exited yesterday. My third play here was from 10 and sold mostly at 14/14.5. It was looking very strong, and I was tempted not to, but stuck to my discipline. May not have been the best decision under the circumstance, but we have to do what we are comfortable with. I was tempted to buy today, but want to see a decisive play. Reason being, next play will be slightly different. Last several weeks I have been talking about a rise, consolidate, and then rise again. We saw that move from mid 6s to 9s, then to 12s and now around 14s. What I am not sure of is it consolidate before doing the next leg - will it do that again, or just keep rising. Sometimes, continuous rise is good, but at some stage, if its not backed by fundamentals, it fizzles out, then there is a big drop. But if consolidation happens, then even if fundamentals are not great, there is a gradual decline. I don't know what play may happen next, someone else is in control. I am just piggy-banking. Reason being, the next up play will take it well past 16.5, the current 52 week high. I feel a play around 17/18. Is that possible without any news? Yes, certainly, some big pockets can decide what to do. So have kept an open mind and will look for signs. I am hoping there is consolidation, a touch between 11/12, as that follows my trading pattern, but I will follow price action. But I feel I will be in shortly either way. Lets see. RCR has been very good to me, as would have to most recent players, as I first played from mid 4s to 12.5 first time, outside of this phase from mid 6s. So I have a very good feeling about the stock..So what may happen next week? We are still over a week away from drill start. Its looking good at this stage. In fact better than the last time it reached here. It has come here after doing some rounds, always a better play. This is the time I was hoping I was not doing short-term trading, not to think of all scenarios, just enjoy the rise. But I like to play, some I win, some lose, but enjoy playing. I feel its good time to hold here as many are doing. But as I say, for much bigger gain, we still need luck, some good results. Hopefully its there. Enjoy your weekend
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Last
2.8¢ |
Change
-0.001(3.45%) |
Mkt cap ! $8.191M |
Open | High | Low | Value | Volume |
2.9¢ | 3.0¢ | 2.8¢ | $62.98K | 2.160M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 414209 | 2.8¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.0¢ | 542550 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 414209 | 0.028 |
2 | 84482 | 0.027 |
2 | 150384 | 0.026 |
2 | 89880 | 0.025 |
1 | 200000 | 0.024 |
Price($) | Vol. | No. |
---|---|---|
0.030 | 442550 | 3 |
0.032 | 261500 | 3 |
0.033 | 630362 | 2 |
0.034 | 120000 | 2 |
0.035 | 80000 | 2 |
Last trade - 16.10pm 30/08/2024 (20 minute delay) ? |
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