Just a update as I have been writing weekly.
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I did pick up stocks at average 138 and still holding. Earlier in the week I wrote about my buy here on another thread where I was discussing double bottoms and mentioned my buy of WR1 in that regard.
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WR1 did make double bottom of exactly 50% retrace at 126. I was looking for signs if it would go lower, as I was thinking it could go towards 110-120, but next day when it looked good, I bought a few times to average 138. So I picked 10% more than bottom, but at that time I was more sure of a rise and a possible bottom. As I have mentioned few times, I have always wanted to have WR1 as holding, so it was good to get back.
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As I have been saying all year round, WR1 is a very good stock. Fortunately all my involvement has been positive for last 1 year, as is to be expected as it is on rise. It also validates my theory that it has very wild swings, more than 10 % in a day, and much more for swing trading up to weeks. I know most are long termers and don't like when I use term trade, so please ignore it,but it's true - it has much bigger swings than other Li stocks and I follow 73 ASX Li stocks.
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Next week can be interesting. If the rise continues, it can blast past 250. But first step is to get over round psychological number of 200. Around 215-220 is the number where I expect to find some resistance, next is 230 so will be watching closely there for any action. After that blue sky. Downside, we have knocked around 165 now - I will be watching if we breach that.
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Overall its looking very good. It has done its down journey. Reminds me of when it went into 90s after doing around 140. So it has repeated its pattern - I follow patterns in trading and like it when it is repeated and sometimes act on it. I did the same last time, hopefully its a good one again this time. I know there are lot of long term and committed holders. For most it does not matter, these patterns, swings, etc. And it should not. Because eventually a good stock will give a good return. But I like to play sometimes. Hope it plays your way. All the best.
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