Is 18 the low for this phase?.Yes SUM had a moderate drop from...

Is 18 the low for this phase?

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Yes SUM had a moderate drop from 23.5 to 20.5 this week. Volume was also moderate, averaging just over 4m shares per day. So still some good interest in the stock.

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So what is happening? Fishing for bottom. The whole week was about finding where the bottom could be for this down phase. Last 2 days, 18 held. There are very committed sellers, most probably some brokers as most sells are CXA trades. And they are very adamant. Whenever buys were happening, instead of letting punters buy, big sells were made. Sometimes on sell side, only CXA shares were there, so normal retail not participating much on the sells. Don't know who is exiting, what their play is, but till we overcome that, this dog fight may continue. On the positive side, there are lot of punters who see value at this level. And they are ready to step up.

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Personally I wrote last week that I would like early 20s to hold. When it looked vulnerable, I let go a portion. But bought back yesterday at 19. So not much gain in sell and buy, but was trying to manage risk, as well as I like to play some levels, some numbers. Also picked a small number of oppies in 6s. My head average last week was 24, this week 22.5, oppies last week was 7.3, this week 7.2. So still down on heads, oppies up but it's not a convincing level, yet. So overall down.

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So what may happen next week? Any announcement may take over the play. Don't know that big seller, how much is still left in the kitty, so that is a factor as well. Do we think 18 is the low of this phase? I feel its too early to call that. Based on trading of last 2 days, probability has improved that 18 may be the low. So what are the numbers? I feel we need to cross minimum 22.5 to have some confidence that we are on the rise. When it was coming down from 30s, 4 days we had a play around 22 and 22.5. It was acting as support. Overcoming that would be good. My next buy will be above this price. Then get over CR price of 25, but good positivity may happen in 30s. Let's hope it plays out that way. Enjoy your weekend and all the best.