Is some bad news around, or just playing the macro?.
From a weekly perspective, aa very big drop from 29.5 to 20. On higher volume than average.
.
So what is happening? Not sure. WC8 has always been a hot and cold stock. On positive day, rising higher than average. On weak days, dropping more. But last few days has been brutal. As if, there are some big entities who are looking for exit, not worrying about the price. It is near indicative of panic. They may be right, as Li sector is not going in the right direction. So probability of going down may be higher than going up. At least for those exiting.
.
Personally I was a buyer today at 19.5. I had put myself on self embargo, not to buy any Li stocks till we see a pattern change. WC8 has been very good to me before, if you look thru my posts. So I couldn't resist. When it reached 20, I sat at 19.5. It didn't look like hitting. But I didn't want to step up to 20, in this market, the way selling was happening. So I thought it will be another day. Just few seconds before close of market, 19.5 was line wiped. So I am in now. Will watch next week, on any weakness, will get out on a small loss, break even type. So let's see.
.
So what may happen next week? All depends on Li macro. At this stage not looking good. But things can change. Let's hope it does. Enjoy your weekend and all the best.
(20min delay)