Have we got over the hump?..A decent gain today from 1.6 to 1.9,...

Have we got over the hump?.

.

A decent gain today from 1.6 to 1.9, on decent volume but not very big. First time this week we touched 1.9, and finished there, which was positive.

.

From a weekly perspective, also a gain from 1.6 to 1.9, so positive week for sure.

.

So have we got over the hump? Not sure at this stage. It looks positive but still some numbers have to be better. Couple of weeks back, we touched 2.1 and finished at 2, so first target is to beat those numbers. Overall majority play still happened in the numbers I have been talking about, 1.6 to 1.8. So a very good day today, also a very good week, considering it was driven by technical rather than any news. Those reading my posts, I have written a few times we need to hold 1.6. We have done that, fairly strongly, especially on the light of today's trading.

.

So what are the key numbers? Downside still 1.6 is the one to hold. Upside, I feel minimum 2.3, otherwise it might be considered as a stretch of this trading range, and could be pushed down. But if we get to the 2. 3 level, I feel technical and some fomo could easily get us towards 3. But that's just my thoughts, I could be wrong, so please dyor.

.
Personally, as I wrote last week, my heads are at 1.7 and oppies at 1. This week I added more oppies at 1, so my average is same. From my perspective, and I could be wrong, I now have a strong feeling that unless we get a very adverse news or the whole market collapses, we may hold 1.6. I am playing accordingly

.

So what could happen next week? I am not sure if all those who want to sell at this level are out. Especially recent CR buyers. They could still sell their heads at 1.8 and free carry the unlisted options. But now we have given them just under 2 weeks to sort themselves out. Another few days, and hopefully that's it, from CR buyers perspective. So at some stage next week, let's hope we play in mid 2s. Enjoy your weekend and all the best.