Well, well - is this turning point?Yes AZL remained flat to...

Well, well - is this turning point?

Yes AZL remained flat to finish at 3. Our volume was low like yesterday, just over 19m shares traded. Another low volume day, but a much better than yesterday.
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So how was the trading today? On Monday I had written this how I was seeing price may play out, not necessarily it may happen that way.

This is what I wrote:

So I have set myself some small targets to se if we are going in right direction. There maybe hiccups and I will adapt accordingly. So what are they.

• Get over 3.5 with 1 to 2 weeks. At this stage I am cautiously optimistic of this being achieved.
• Get over 4 in 2 to 4 weeks. Odds are not bad, and in fact I feel in front, but needs to revaluate based on new info as we go
• Get over 4.5. I feel if we start moving up, sentiment may change and new punters may join us. So if we cross 4, there is a chance a wave may get us over stiff resistance at 4.5 and take us straight to 5.
• Hold 2.9 if we go down. At this stage I feel 80% chance we may hold
• If we lose 2.9, we hold 2.5. I feel more than 90% chance that it may hold. Risk/reward gets so good from here that buyers may step in
• There is also a very good likelihood that we may spend some more time in the current zone of trading

So where are we now? I had thought if we go down, we need to hold 2.9. Also mentioned I feel 80% chance of holding it. Today we reached that 2.9. Are we looking vulnerable? Any stock which is in a downtrend will always look vulnerable. But before reaching here, on Monday, I felt 80% chance of holding. Although we are at a critical point where one big seller can change the game, I still believe we have 80% chance of holding it. Lets see, just my gut feeling, could be wrong, so please dyor.

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Personally, picked up some more oppies at 0.7 today but had a lazy sell at 0.8 which got hit, so that meant my holding remained same. Why did I say lazy? I didn't think it would get hit. There were 11m oppies at 0.8. Whole day I was trying to buy more oppies at 0.7 - at one stage all oppies on buy at 0.7 was mine for around 3 hours. There were 11m on sale at 0.8. I was thinking surely someone would sell. I waited and waited, and was very surprised no one sold anything for 3 hours. But instead of selling to me at 0.7, someone actually gobbled up all 11m at 0.8 plus around 1.5m at 0.9 - someone very hungry. Someone who knows the value if AZL can come good one day. So now I have to rethink where I have to buy. Also, I knew 2.9 is a number we can possibly hold. I have a fairly good order at 2.9, but whole day it didn't get hit. I tried the closing auction, but when it looked like closing at 0.3, I pulled out, wanted to buy at 2.9. I am happy to buy at 3 or 3.1/3.2 etc if the reversal is confirmed. I am not 100% sure so thought will see tomorrow. So my heads are still at 3.3 but after buying oppies at 0.7/0.8 etc my oppies average is now under 9, so surprisingly I am in front in oppies for first time in this phase, though by little only. But I have to buy more, so lets see where it lands.
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So what may happen tomorrow? Today was a very critical day and I felt we have finished reasonably well. Still not out of the woods, but light at the end of the tunnel. Firstly, the slow decline of 1 pip daily has been arrested. After 3 reds we finished flat. But more importantly, 2.9 has held till now. 2.9 is a significant number, at least for me who follows numbers and trading patterns. It is 50% retracement from our 5.8 recent high. Also its the low we made on 22nd. So if we can hold here and reverse, we could possibly do double bottom on 2.9 and that may mark a strong reversal point. Next step - 3.5 is the big number, but lets get a green first. Will that happen?. Lets hope so. All the best.