Friday trading or still lot of supply?
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Yes, today we played with slight weakness, looked like continuation of the story from yesterday. It was 2.1 yesterday, today it was 2. Thanks to closing auction, we finished flat for the day.
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So a very symmetrical pattern of play this week. We started going up from Monday, peaked mid week on Wednesday, and started coming back. So what does this pattern say? We start with good hope and intent. But after sometime it seems there are a few who were hoping for more, and seeing that not happening, they think, let's now play for next week. So some weakness towards the end of the week. Possibly. I don't know, I am just taking a stab. So although not to our liking, just tells us, we have to wait, a bit more.
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So was there any positives this week? I think so. Last week we finished on 2, today on 2.1. So we now have 2 weekly gains. It should look good on the charts. Secondly volume, very good volume this week. So lot of interest. Except yesterday, where we were in red on a lower volume, other days, green or flat, volume was very good. It's an indication that many are interested, many buying, many thinking something good could happen here. The last thing for me to mention, is trading pattern. Today 2.1 was being bought. Big buys. But looked like some did not like it. Instead of putting their sell on 2.1, they attacked 2 by selling. Who would do that? Possibly some who sold before and did not like that it is going up. Wanted to push it down
Or someone who wants to keep price here, for now. We will know more next week.
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Personally I have bought a few this week. Today picked up some heads at 2 and 2.1. Also picked up some oppies earlier at 1. My heads average is still at 1.6 as I had traded a few and oppies at of 0.95. I was not wanting to buy today as I had written yesterday that I would like it to cross 2.5, but got tempted. Hoping it was not a bad decision.
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So what may happen next week? Any news, any strong market direction could affect us. Otherwise there is an unfinished business. Get to 2.5, but more importantly 3. Then only we will be sure that a big play can happen here. I still believe the risk reward is not bad here, one of the reasons, I am playing, and playing with decent amount. Downside can happen, but I feel there are multiple supports, multiple projects, that will not give a big drop, hoping, so check for yourself. But if something good happens, it could be very good. May be incredible. Will that happen? Let's hope so. Enjoy your weekend and all the best.
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