RCR chart, page-576

When can we expect next big move?

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From a weekly perspective, a small drop from 4.2 to 3.9. Last week we had moved from 3.5 to 4.2, so still ahead from 2 weeks back. Volumes nearly drying up. No strong movement up or down, at this stage its more like drifting/floating rather than running.

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So what is happening? Last week was a strong play. I had bought a fair few at mid 3s which I got out around mid 4s last week, as I wrote earlier. This week there was no strong play. It made a high of 4.3 on Monday, but then slowly started drifting down. Today it touched 3.5 again. So at this stage, playing slightly weak than slightly strong. But volumes are so low that not much can be read from there. One big volume day could change dramatically.

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Personally I no trades for me this week. As I wrote last week, my buy and sell had reduced my average from 10 to 7. I had got out two-thirds close towards my buy price of 10, one third I was not able to get out. So my average is now on a much lower volume. If I had bought this week, I could have got it closer towards 5, and if I bought my original holding, it could have been just above mid 4s, but I thought I will wait. I want to see if mid 3 holds this time. I am not sure, simply because volume is not there, so some big buyers are not there. And sometimes, if big buyers who used to play before are missing, it can slowly drift down on a lower volume. Till now I am seeing this action.

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So what may happen next week? Not sure. Looks like it needs some catalyst, some announcement. If we don't get that, it could drift lower, on a lower volume. But any good news could change things dramatically here. Lets hope it plays out that way. Enjoy your weekend and all the best.