Holding the level?
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A small drop today, including from the weekly perspective, from 133.5 to 128.5, not much. Volume has decreased considerably, relatively, as if most on holding pattern, waiting for some news.
.So how did WR1 do this week? I thought it was all right. Reading thru the posts, looks like many may have been disappointed, but we have to take into account, what has happened to most Li stocks, and what has happened to WR1.
. So why didn't we break out as many were expecting. Two reasons I feel, though I could be wrong. Firstly, Li macro is still very weak. In early Feb, most Li stocks did their yearly bottom. There was hope, that it will be the bottom for coming months. It didn't turn out that way. Many ASX Li stocks went below that Feb number. Many close to it. So overall macro is not good. Including US Li stocks. To have a big sustained gain, I feel we need macro to be at least neutral if not positive. Based on previous reactions, I know most will not agree to my assessment, but like others, I have my opinion, and I could be wrong.
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Personally I have not yet bought. I want to buy on uptrend. I am waiting. I know I got bashed when I wrote I sold at 145, so will not be surprised to see some daily fix coming here, I can see one miserable poster is holding the fort for all daily fixes. I have no problem with that, at least it's an avenue for many to show their frustration. Could be healthy for them.
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So what may happen next week? Unless there is a news about WR1, Li macro may drive the price. Some numbers I have talked before. If it goes down for some reason, 118 and 112 are the numbers I will be looking for. I wrote last week as well, that I like 130. But only if it's looking to go upside. Many didn't like it when I said 130 last week, and I am sure they will continue to dislike. But based on trading which happened this week, no surprise that 130 was pivotal. Key on upside is to get over 150.
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Till we get a news, Li macro will define trading pattern. Let's hope it's in the positive. Couple of weeks back I wrote, that WR1 may do a CR by June. I know I am providing more ammo to those who want to tear me down, but those not biased may have different opinion, especially when I wrote I sold at 145 and even on this slight rise, that is the number we reached. Coincidence?
(20min delay)