RCR chart, page-176

Is it weakness or consolidation?

Yes it has come back to these levels where, if a pullback was to happen, it would have come here. So not surprising that it has landed here. Today REE macro was also not helpful and weakness across.

So is this weakness or consolidation? Not sure, yet. Need some more days to confirm. I wouldn't be surprised if its a consolidation, but best to follow the price.

Personally picked up a few at 11 and 10.5 today. On 4th July I had written I had exited around 14/14.5 as it had reached my then target. It did go higher though, till 16, so I may have missed a small trick there. But my holding was from 10 and target I had already mentioned, so stuck to that. Not easy to win all. I had also mentioned that I am very cautious now with 3 win trades, so odds of making a loss on 4th is high based on probability. But I had also mentioned that I may play around this level, hence picked up a few.

So what could happen from here? Not sure. I was surprised last time it touched 16, I was thinking it may reach 15. So it had stretched based on my pattern. Slowly it has come back to a level many may feel to take a punt. In last phase, it was crucial that it hold high 9s. And I had written if it holds it may reach 14.5. It held and it reached. Its again very close to that number. It needs to hold there, and I will also have a think if it doesn't look like holding. But if it holds, I have a feeling that it will cross 16.5 this time, but the drill may do the talk. Lets hope we get a good one. All the best