General discussion (MEI), page-5103

Ok, a change in my post. After several months.
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Yes, I bought yesterday and today at average 17. After my last play at 23, I wasn't sure what is happening. It was playing with weakness. It made a new 52 week low at 15. It could have gone either way I felt. It made a move yesterday. As I write all the time, I write about price action, trading patterns, not fundamentals. I could sense it changing yesterday. Today was continuation of that. But we still need confirmation - I fee the signs are good, hence got in, but feel, we need some confirmation.

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So what is happening, what has changed in last couple of days? Not sure. Many have been talking about some announcement, Scoping Study - but that's going for a while. So I am not sure if its related to an announcement. Maybe coming out of tax sell. Don't know. But what I know, is that the pattern of trading changed. And to the upside. And I thought I will have a play to see if its got substance. Its nearly a month since it touched 19, so a positive play from that perspective.
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So what may happen next week? One of the key levels for MEI was 17. One of the reasons I bought there. But another key feature of MEI is that very rarely its a runaway runner. It likes consolidate every couple of cents, back test etc. So maybe one more play at 17 before going for races. Next key number is 19. I feel it is a very significant number. Why? From a pattern perspective, I feel we cross and stay above 19, not just touch like today, then very good chance of 24/25 coming into play. So I will be watching this play. If 17 does not look like holding, I may have a think. The other uncertain scenario is - general markets. Bitcoin is at 54k, has lost nearly 30% from its recent high, and big drop in last couple of days. Signalling markets may have a correction,, something to keep an eye on, as Bitcoin has always pre-led the markets. If that happens, most stocks may have to feel the rough weather. But lets see, an announcement can make a difference, general markets have risen over 60% in last 2 years from its lows defying pundits and could continue to do so. So an interesting period coming up in MEI. After 2 months, first signs of positivity. lets hope its the beginning. Enjoy your weekend and all the best.