Reading through the posts I felt most of us were expecting a good day, but to get it so spectacular is a bonus.
Our volume today was in similar range of last few days, around 10.6m shares. We finished 9c higher at 49.5c with a rise of a whopping 22.22% . Our VWAP average today was around 45c which is a reflection that we had to drag the SP from 38.5c to this level. We touched a high of 51c, which is just below the next stage of trading from 52c to 68c.
ASX Li stocks did well on the back of ASX rebound. Except for couple of stocks most had gains. Average gain across stocks I track was around 4%.
I have been writing this last few day around how good ESS can be in a rising market. As I do in my weekly report, I am tracking close to 25 LI stocks very thoroughly and hold quite a few as well. I mentioned in last 2 days in my writing, that based on my analysis, ESS would provide one of the best percentage gains - if we are in a bull run. This is because I feel ESS is most undervalued compared to others. My feeling is that as more people become aware of its potential, as long as it is in bargain zone, it will be bought strongly. Yesterday our rise of 5.2% represented one of the best gains of yesterday. Today was a good day for Li stocks, most had gains - but - except foe ESS all were in single digits. And we not only did a double digit, but 22.22% - much much higher than any other stock. This is what I had meant in my statements previously.
Personally I added some more heads today at average of 46c. Yes, my buy was high today, but that was as per plan. In last few days we had good gains initially but we lost them over the day and finished lower. There were big sells from 45 cent onwards, especially at one time on 45.5 and 46c. I wanted that to be taken to give me confidence that we will not come back. Once that was bought I started buying.
The big buys I am talking about are these -
As can be seen. most of the big buys over 100k shares from 45c onwards. Nearly $200k was spent in one hit to get around 400k shares at a high of 49c. This is a very good pattern and bodes very well for us next week. There are people with big pockets and they are happy to buy high - because they know it is a bargain.
What next - I am really hoping that dow does well overnight. Last few days have been very trying for many of us. Lots of people/threads going around talking of recession etc. I don't think our economy is such that a recession is warranted. But you never know. Also talks of manipulation going on. A good Dow tonight would quell some of those dark discussions. The LI sector could still do very well as the macro is very strong, but there is no denial that if ASX itself is doing very bad, it is not easy for any stock. But it may take more than today to be quite sure that we have come back from the last week or two. We need some good days going forward early next week. Lets hope it happens, and I am reasonably confident that if we get some good days, we will at least touch 68c if not finish over it next week - something that has eluded us in our previous rise. Enjoy your weekend and all the best.
ESS Price at posting:
49.5¢ Sentiment: Buy Disclosure: Held
. Our VWAP average today was around 45c which is a reflection that we had to drag the SP from 38.5c to this level. We touched a high of 51c, which is just below the next stage of trading from 52c to 68c.
