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..
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.
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