Have we bottomed or more pressure to come?
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From a weekly perspective, a slight drop from 22 to 21.5 this week. Volume not very high but significant on the down day on Monday.
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So what is happening? Many may say its playing weak. It did a lower high at 30 and then dropped below 24.5 to do a lower low. Not great those following charts and numbers. In fact, that proved to be true. It played with weakness, strong weakness, it reached 18.5 on Monday. Daddy was calling to go to 16, usual characters to 14. It survived. For now. Came back rest of the week. Reached 23 on Friday. Couldn't close above 22 which some thought was a significant number. So, overall, depending on which side of the fence you are, there is enough to take some positivity, and enough to provide fodder for negativity. We will see that in comments etc till a decisive move.
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So what is that decisive move? A fall below say 15 for me. A rise above 31 for me. I am taking that 50% drop as more significant than the gaps etc are talking about. It could happen though. Rest, individual play. Whether its short, medium or long. What is the risk appetite, etc. Stock won't go in a straight line, so ups and downs will be there. Chances are many stocks will not even go, forget about straight line, so there is a lot of risk.
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Personally, I did play a few this week, again. Of stocks which I play medium term (1 month to 3 months), usually I trade one-third of my stocks, on the way, don't touch two-thirds. I am playing MTM for medium term. If I was playing short term (from a day to a month), I would have been out. I have had a couple of good trades. I have been able to reduce my average to 23 now. Still down from 21.5 finish.
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So what may happen next week? Last week I wrote that 22 is a significant. A few others have noted that 22 number from chart perspective. An attempt was made on 22 after it was lost on Monday. It went above, but still a lot of resistance, lot of people happy to sell there. So we wait. Its possible that we may not be able to finish above 22. But based on my trading pattern, somehow I feel, its going to happen soon. I may be biased because I am holding, so please dyor. a big gain has been made in recent months, so many may be happy to lock it. Next key number to watch is 27.5 before 31. But first, we want a decisive finish above 22. Just not go over it, but go well above it that it no longer is danger. I feel we may know as early as next week. Will that happen? Lets hope so. All the best.
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