Another weekly update from me. Similar to last week.
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From a weekly perspective, there was a small drop from 7.3 to 7.1. Also last few weeks after the rise to 8.5, the number 7.3 had held. The low last week was 6.9. This week went slightly lower to 6.8. Last week dropped from 7.8 to 7.3. So 2 red weeks in a row.
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Last couple of weeks I have been writing, how I had felt that reaching mid 8s was something I was not comfortable with, getting closer towards 150m market cap. No major justification, my thoughts. I felt that it needs more confirmation to cross that 150 level. Also big rise has happened from 1 level early last year, double in month or so, so I felt, unless there is an announcement, unless there is a big buyer, it may consolidate. My thoughts from 2 weeks has not changed. In fact, after seeing the trading for another week, this week, that theory may have got some more legs.
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Personally as I wrote on 21st Dec, I have not yet bought back majority I got out in mid December. I am waiting. I had a good run from 4s to early 7s, I am hopeful for another good play here.
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So what may happen next week? Till now price has held well I thought - it played strongly end of December, very strongly I felt, it looked like 10 is there. Previous week first signs that 10 may not be there, immediately. This week was more of confirmation, that 10 may need more for now. Last week I asked - will 6.9 be the drop of this phase? We reached 6.8, so 6.9 has been breached. CR was at 6. So anything can happen. A big buyer can change everything. Profit can also change everything - in reverse. I still feel, odds of sliding down is higher than going up, without news, unless we get a big buyer. I will wait and see, as I wrote last week. All the best
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