A consolidation that had to happen?..
Yes RCR lost 1c to finish at 10.5, on a still very good volume of 21m shares traded.
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Yesterday I had written - "Also feel some consolidation may happen soon, a straight line rise sometimes gives big drop". So was it this consolidation or our big buyers have left the building? Still early days, but my feel at this stage is of consolidation. We had a very good rise in 3 of the last 4 days and had moved from 6.6 to 11.5, a rise of nearly 75%. Hence yesterday I had felt and written about the consolidation. We had played similar on Monday, second day of rise, falling from 7.9 to 7.4 - so a similar type of drop today. And I felt a similar play as well.
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So what are the numbers now that I feel comes into play? Yesterday I had written 12.5 may come into play. But that was based on the current rise from yesterday continuing, without a consolidation. Now that we have had a consolidation, new first target is 14.5. So are we done with consolidation or more can happen? I feel the uptrend is very strong so we may have done our deed, but not unusual to see a bit more. Someone had mentioned a number 9.4 today, it was possible based on charts. But I usually follow some patterns, so the number I had in mind was high 9s. I thought if it drops further than that, we may lose the uptrend. So based on my trading pattern, it is playing copybook, till now. All these my thoughts, I could be completely wrong, so please dyor.
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Personally I was a buyer today. Yesterday I had written I had played out with my short-term trade holding at 11.5. Today I bought back, and more, at average 10. I usually play pattern/trend, so at this stage I will be watching carefully, hoping that high 9s hold, otherwise I will have a think. I know most here are long-term, and if a stock is on the rise, buy and hold could turn out to be a very good play. I like to trade hence play with a portion of my holding.
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So what may happen tomorrow? Difficult to say, but odds of green is more than red at this stage - how high, may touch at least 11.5, possibly 12.5, any higher, depends on the big buyers. I wrote for last few days, how the big buyers held the price on 7.4 on Monday. Today it was similar, it looked to me they didn't want it to be far away from 10. Another play in high 9s is a possibility, but the closing auction today was very strong. Tomorrow is Friday. They may want to finish on a high. On last day of trading before cap raise announcement, a high of 14.5 was reached. We have not been able to come back there. There could be an attempt. Let's hope we finish the week on a high. All the best.
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