Who was looking for a CR - not me?Yes, from a weekly...

Who was looking for a CR - not me?

Yes, from a weekly perspective, a drop from 14.5 to CR price of 11. Also had a big play at 10.5 - its 52 week low.

So will 10.5 hold? Its higher than 11c CR price, why will it not hold? Firstly, In my weekly report last weekend, I wrote that general markets are easing, may get into correction - drop of 10+%. The good play would be pullback - 2/5% drop. As of yesterday, SP 500 has nearly dropped 5% from its high. So we are at a crucial juncture. If we drop more in general markets, than MEI may not be able to hold its legs. In current market situation, the macro is playing such a strong game, that big players are getting swept away. MEI may also be, may not happen, but something to keep in mind.

So what is happening? As I have been writing for last several months, MEI play has not been good. All I got was some flak from holders. I know, I may still get flak - those who do that, its not based on logic, more on sentiment. I can't win there. MEI was a good stock in 2022/2023. Not a good stock in 2023/2024. Anyone buying in last financial year made a loss. It looks like 2024/2025 may be another write off. So much flak I had to face in writing what I felt may happen, and every day posters were writing multiple posts how it is going to the moon. There is no balance, but lets leave it there. The macro REE/Lithium is very adverse. In short-term, unless there is dramatic change, odds of going lower is more than going higher. There is real danger of it getting below 10 - if, and I say if, general markets drop.
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Personally I have not yet bought. Waiting for confirmation of reversal.

So what may happen next week? At this stage we are living on hope. Lets hope general markets don't drop. Lets hope Li/REE sector sentiment turns. Lets hope MEI has a great announcement. But if all these things don't work, there is a chance of dropping more - what is more, I don't know. Based on other stocks drop pattern, close to 8. But lets hope it rebounds from here - 30m raise is no joke, it should hold. All the best.