Last week I asked - Have we seen the bottom of this phase?.
From a weekly perspective, a very small move from 421 to 425 this week. No real direction this week. I felt it was just trying to hold the level. Volume, moderate, its usual volume, so no direction from there
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So what is happening? Playing the macro. Trying to plan for the next rise. But positive play this week. Announcement helped. I still feel most U stocks have U macro as major affect, and SLX is playing the game. Till no direction, its a play in 420s.
As I wrote last week, I felt CCJ made the bottom previous week. Till now that stands. Many U stocks have not gone for a runner - reason being they are looking for confirmation. When will that happen? When CCJ reaches next level of 45. Till that time, there is a risk we could see some downturn. But, general markets are behaving positively, so odds are in favour of us at this stage.
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Personally I wrote last week that I had bought one lot at 420. I had written I may buy more, depending on how it plays. I like to buy higher. All week it looked like it did not want to go much higher. So didn't buy this. Lets see what is in store next week.
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So what may happen next week? All depends on U macro. On CCJ. On general markets. Let's hope it's in the right direction. Enjoy your weekend and all the best.
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