Uhmm, still in weak zone..
Yes ENV lost 2 pips for the week, from 1.7 drop to 1.5. It has now lost a very good support of 1.6, so for me it's in weak zone now. 1.6 is now acting as a resistance, as we saw in trading last 2 days. Volume still not high to give an indication of an immediate rise.
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So over all not great, but today's trading is again showing that sellers have dried up over here. Which is understandable, as we have already dropped a lot and playing in lower range. But buyers are also missing, not a single buy today on 1.6. Most here seem to be loaded up, playing for CODA. New buyers waiting for an announcement. So we need a catalyst to get out from here. It will come, but I am not sure when. From a numbers perspective, it will be good to hold 1.4, but the key now is to reach 1.8.
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Personally I am still here, one of the few stocks I play for long term, happy to take on the risk. My oppies is getting just under 9, and heads at 1.6. So currently down. But as I have written many times, I do like to trade, and play with one third of my holdings. I like trading, and also helps get my average down, if I do well in trading. So I will keep trying.
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So what may happen next week? We need a catalyst. A good announcement. Or some big pockets to take position. Next couple of weeks, ASX June tax transactions also coming up. Usually a weak period. But I feel we have dropped a lot and have factored in any bad news as well as tax play. If things go well here, it could be life changing for some. There is a risk, which is always in these spec stocks where drilling has to be favourable. But the odds are good, and is gone better at this level. Let's hope it plays out as many of us are expecting. Enjoy your weekend and all the best.
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