Is something brewing up?Well, it was certainly a special day. We...

Is something brewing up?

Well, it was certainly a special day. We have been toying to move for quite some time, but the level of 4.5/4.6 was always a resistance. But today we broke thru the resistance and are back on 5 - after nearly 2 months. Volume also was very good, highest in over a month.

So on a day where most U stocks were mostly neutral, why did we have this rise? Firstly I feel it was brewing for sometime, and was looking to pop any day. So it did that today. Secondly, there could be some news on the horizon. Thirdly, it is only trying to get back to its old level. Its still below its January level high, so with U macro improving, some would say it was a matter of time. The next key number up is to get over 5.8. Once we made an attempt before, long time back but retreated from 5.7. So it would be good to get over that. Downside, if for some reason we drop, I am hoping the resistance level of 4.5/4.6 may act as a support now.

Personally I thought I had enough stocks of CXU. But couldn't resist today. Although I did not buy any heads, but bought oppies at 2.6, 2.7 and 2.8 - a fairly decent size. Hoping it plays out well, but anything can happen, so please dyor.

So what could happen tomorrow? Will we do a dash towards 5.8, or some profit takers push us towards 4.5/4.6? Not sure. Any news may help. Overall U macro sentiment may help, along with US U stocks doing well tonight. And any big buyers wanting to take position in CXU while it is still at lower level, may help. Lets hope some or a combination of these factors work together and we take a crack on 5.8. All the best.