Is it usual WC8 swing or is something brewing..
Yes WC8 played slightly strongly than many other Li stocks. From a weekly perspective, moved from 22 to 23.5.
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So what is happening? In the last weekend I had written that WC8 needs to hold 20. I have been playing WC8 now close for to 2 years. One thing I always liked about is it can do a much bigger swing. I do like trading and it presents with opportunity. Although the big rise towards $1 was in a straight line, there was no need to trade. So it has held 20,which was a positive from my perspective as I had written about that level. It played strongly today. The only thing it was not able to do, was cross 24. Based on my trading pattern, that is a big resistance. Today also it failed. So I am watching that.
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Personally I wrote last week that I had a play from 19.5 to 22.5. I got out as was not feeling comfortable. But yesterday when my number 20 held, I picked up some at 21. Still holding. I will exit if I feel 20 will not hold. Otherwise I will at least hold till early 30s.
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So what may happen next week? Li macro is still playing weak. Normally I am not playing any Li stock as a rule, but this week week I have picked 2, both are somehow playing their own game. I follow price action, and I like the play. But WC8 has to cross 24, for a good size gain. Otherwise I feel it may be range bound, still playing the macro, but wider swing. Let's hope something is happening. Enjoy your weekend and all the best.
(20min delay)