Interesting. I have no expertise here- it looks to me like lower highs but support around $20 holding each time.
What would be causing this? I have been investing for 3 years. First it was covid- riches once that was solved. Central banks inspired the 'everything' bubble. Then more covid. Then the vaccine rally. Then a procession of new bogy men whenever we start to climb out again- Delta, Omicron, Ukraine, Supply Chains, inflation/rate hikes etc etc.
Now that inflation appears to have peaked or now receding around the world- interest rate hikes pausing- up pops China and to a lesser degree so far- our dollar which is tied to China to some extent. China has been an issue/risk for a while- we seemed to wait for rate pauses and inflation containment before we chose to worry about China. Or, am I exaggerating?
And the money that was pumped out in early to mid 2020- it is still there to some extent. Apparently there is a lot of money on the sidelines- waiting to be deployed. So, my guess is that the money waiting to be deployed is strengthening support in indexes and individual stocks. But overall, my guess, there is a lot of money waiting for the whistle to tell us that the next rally is nigh.
Enough rambling for now.
IMHO DYOR
WBC Price at posting:
$20.88 Sentiment: Hold Disclosure: Held
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