Will RCR hold 2.3?
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From a weekly perspective, a drop from 2. 8 to 2.4. Volume mixed.
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So what is happening? RCR continues to play with weakness. As I wrote last week, the savage selling from 10 may not have been about Pokhali. There was not much hope there, and Avalon was supposed to be the gem. Drilling at Avalon had already started. Although we don't want to believe, but in spec stocks, there are always some who know what's going on, before others. The selling indicated that things may not be good. I don't have anything to back my statement, so I am speculating and I could be wrong.
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Personally no trades for me this week. As I wrote last week, I had exited my position last week
I had got out of two thirds on the big sell day with around 5% loss. Then I bought big mid 3s and sold mid 4s, as I wrote earlier. Then I let go rest last week, so it was a small loss for me. I wrote last week, I will try to do some trade to see if I can get ahead. I had 3 very good trades before this play. . I was writing many times, my 4th one will not be good, just on probability, so maybe I was extra cautious, so got off with a small hit. I also wrote last week, that I will now buy when the trend is changing. Whether 2.8 will hold, or 2.5 or 2.3. We are on last support now.
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So what may happen next week? On Monday, on high volume it reached 3.4. Based on trading that has happened after that, it seems like a sucker rally, before the rug pull. It looks like some got caught into it. Sometimes these big players are quite ruthless, and unethical. But that's the way this game is played, hence caution required. It needs to hold 2.3, else 2 will come into picture. Up, there is a long way to go, and I feel, it will need very good results for that. It can happen though, and I wish for all the holders, that it does. Enjoy your weekend and all the best.
