How was that?
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Yes AZL gained 8 pips to finish on 3.6. Our volume - the highest for the year, just over 218m shares traded. Opened on 2.9, reached 3.9 high.
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Well, not much to add to my post from yesterday. Luckily whatever I wrote yesterday, somehow happened. A finish above 3.2, reach higher than 3.5, both done emphatically.
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It was still not without a fight. First a big tussle on 3.5, someone kept loading. Same on 3.6. But the big traders were with us today. And they meant business. Strong buying whole day.
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So what does it look like? Possible rerate happening. The past year or so, it has not been good. Lot of bad blood around. So when the rise happens, many who have been roasted think of this as an opportunity to get out - why? Because they believe it will soon go back. And they may be right. That can certainly happen, but with every day passing, the probability of that decreases. But as always, please dyor as it can be volatile.
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What does rerate mean? It means it can go much higher, sometimes more than people can think. For last several weeks I was playing another Li stock where I was writing daily. I started buying in 30s. Every one said, market cap is too high. It will fall. But I watch trades very carefully, and I could see and wrote that I can feel something is happening. I kept buying in spite of those advice. That stock crossed $1, market cap above 1 billion. I exited at average 90, made 2 bags, looking for a reentry.
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So why am I writing this? Because I am getting the same feeling. Something is happening. Some big players are loading up, similar to other play which we came to know later that MIN was buying. . Of course, this is just an opinion and feeling, and I could be completely wrong, so please check your risk reward.
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So what may happen next week? Yesterday I had written that the only reds we have had has been on Thursday. So if our lucky pattern continues, we have another 3 days before a red. Now next major milestone is a round number 5. It won't be easy, as many may try to exit, profit taking, but more importantly, believing it will have a big fall and they will buy back. In a bullish market, I have found hold strategy is very good. If trend changes, then exit, at least I will play like that. Who knows if things fall in place, a double digit play could happen, but first things first, let's get to 5.if we drop I feel 3.4 will act as big support. We missed the 4 today. But it could come soon, maybe as soon as Monday. Will that happen? Let's hope so. Enjoy your weekend and all the best.
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