Have we broken our hoodoo?
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Yes, AZL gained 2 pips to finish on 4c. Our volume was moderate, just over 32m shares traded.
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So what is happening? Further consolidation. I had said our favourite zone for consolidation was 4 to 4.6. I had said this is also indecisive zone. Those reading my post may have felt I was not very positive. Reason being my gut feel was that odds of going lower first was more than going higher. I was not explicit, but was eluding towards it. This was based on trading pattern and volumes. It was pointing to some small weakness. So, honestly, it played out as I was expecting. To me honest I was not surprised when we got below 4. We done 2 days now, 3.8 is our guard. Holding for now. Strongly. And surprisingly, we broke our hoodoo of Thursday reds, a very strong indicator of possibly good times to come. Just my thought, could be wrong, so please dyor.
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So how is it looking for immediate? Till we cross 4,or more importantly 4.6, we cannot be sure, or at least I cannot be. 3.8 is held strong for now, but there is one or maybe more, who keeps loading for sell the moment it looks like crossing 4. So still some work to do. Don't know who the seller is, but it seems happy to get out at 4. It's fine, maybe 2. 5 CR holder with free oppies now at 1, so making a good gain and happy with that. But all of us new, the journey is beginning. We don't know how much supply they got. But it's important to get over that. Or they feel it's going to go higher, so they will raise their bids. Till then, possibly a dog fight.
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Personally, I have not yet bought my heads. These are my trading stocks which I sold around 5. I also sold a lot of trading oppies, between 1 and 1.4. I have bought back around 70% of my oppies at 1 and 0.9, last 2 days close to 2. 5m oppies at 9, and before few millions at 10. Not sure if they are a winner, but have taken a calculated risk. I am just hoping they come good, it's possible they can go lower, and I will not be surprised, considering we have not yet got out of the downtrend, so 8 or even 7 could be hit on oppies. But I have lined up
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So what may happen tomorrow? I had said, if we go down, 3.6 will be big support. I was happy to see 3.8
stepping up. I will be honest and say that I was expecting sellers to push us towards 3.6. But buyers have stepped up. And surprisingly in a big way, to hold 3. 8. I am sure sellers could not have infinite shares. Two days of sell towards 3.8 is held. If we can hold another day, my gut feel is we could get closer towards the upper limit of this range towards 4.6, so morning is important, once we hold 3.8 tomorrow, suddenly we will be at mid 4s. Will that happen? Let's hope so. All the best.
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