GL1 Megathread, page-1604

Selling is relentless, isn't it?

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Another day, another 52 week low. The downtrend saga continues? Where will it end - frankly I don't know. After watching some big stocks like SYA, CXO etc drop 90% from its high, I am not into playing a prediction game. I will just follow price action.

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Personally, I wrote last week that I had bought some at 72. I had also written that if 70 is not looking like holding, then I will exit. I did exit around 70, so lost 2c. Today I bought back at 56.5, I should have waited for closing auction, but it's not easy to pick bottoms. So my effective average is now 58.5 as I lost 2c earlier. I will exit again if 54 does not look like holding. I am still playing here with moderate amount. Want to see a reversal before committing more. Another stock where I am actually playing big and writing daily, I started with 62 average, kept selling and buying, my average there 49, it finished on 50 today, so miracles do happen.

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So what may happen next week? Li sector sentiment is still weak. ALB, which I follow very closely, lost 120s a key level. Yesterday reached 115, close to its 52 week low of 112. And that too on a day where indices were up. So not a good look. For general direction, I look at ALB, so would want it to get to mid 120s, at least to neutralise negative sentiment. If not, I exit with small loss, hopefully small, and wait lower. Li sector is in downtrend for close to 18 months, surely we would be coming towards a bottom? We can only hope, best to follow price action. For GL1, even the first big positive step is miles away, over 7. But, many times sentiments run markets. One sniff, and suddenly it's all action. From the level we are, first step, no further losses. Second, get over 6. To remove fear, get over 6.5. Let's take one step at a time. Will that happen? Let's hope so. Enjoy your weekend and all the best.