Checking the supply?Yes today was backtest of 2, or more...

Checking the supply?

Yes today was backtest of 2, or more importantly 2.1. We dropped a pip, our first red after a week. Any drop is never welcome, the only positive was that it was on the lowest volume of last 5 days, other days we were going up or flat. So lot of green, lot of big buys on higher volume - lets hope those punters are playing for the big one.

Today was not a good stock day, for most stocks. Overnight US markets had a decent drop. ASX mirrored that. Most resource stocks, commodities, risk-on assets were easing and more towards red. We couldn't escape that weak sentiment and played accordingly.

Tonight too US Futures are in red. There is a saying 'sell in May and go away' - many punters could be following that. Also June is a weak period for ASX due to tax transactions. So overall macro there is a hesitancy now. But markets have proved lot of pundits wrong in the last one year, so I don't think we can assume what's going to happen, best to follow price action.

Today was a test for ENV. We have held 2.1. But we need to cross 2.3, get to 2.5 and 3 - looks like a lot of hurdles. But the plays in this type of stock can be very different. Some sense, some big players, slight FOMO etc can suddenly break a lot of barriers which otherwise would look very difficult. So the possibility is open. But tomorrow will be a test of character.

So what may happen tomorrow? We have had very good play this week. It would be a shame to lose all that, but can happen, so please dyor. In the normal play, no news/macro etc, I would expect that we may finish in green. Last week we finished on 2. It would be good to be around 2.3, as that will be a good platform for next rise. Today's trading some may be deflated, as supply is still here, but odds are not bad still to make it. We need some good play. Will that happen? Lets hope so. All the best.