We are back to one minor consolidation phase drop, from early 8s to early 7s. Yesterday I had mentioned that I am not sure if we have seen the downtrend to this phase, so I was more or less expecting to play in this range with slight drop. After today's action, I am feeling positive again. After 4 days, I feel we are at close to the bottom of this downtrend. Lets see, I am expecting the move in a couple of days. Still it would depend on some external factors.
Ideally we should have closed high 7s today - around 7.8 - based on how other U stocks performed. But someone wanted to have a fill around 7.2 so it was not to be. Kept filling up 7.2 and attracting nervous hands to sell. Well, it doesn't matter much as the rise can happen fast. Many other stocks had good jumps, some around 8-10%. Although my majority U stock is AGE, and this went down, but I was still up across my U portfolio because of those 10% rises. It averages out in long term - these are short term variations.
I feel the US stocks will do well tonight. They look at ASX and some stocks which impact them had good rises of 8-10%. Lets see. The U price eased to 47.75 - so it is hovering around the 48 mark for a while - I feel something will give either way in a week or so. There are theories that some want to keep the price at this level as they don't want to pay higher, and they have some control.
So what will drive us in short term, of course U price is the biggest catalyst.
In the immediate, I can think of two things -
- COP26 at Macro level which starts Sunday - there is some push from both sides of fence to either make nuclear relevant or live with the old fear - lets see who is winning more
- Drilling at AGE level - should start in a week or two
They say that when you are sitting on a bull, the most important thing is not fall. That is so true for this bull/boom phase as well. The ups and downs can bring a lot of thoughts to fold, and many will do, but I am holding tight - there are uncertainities but still feel positive - only thing is it will take time. A very good difference from here will be 6 months, a much better position maybe in 3 months. But to go all the way the thinking should be at least 2 years. I am not sure about myself as well, because lots will happen on the way and we will have to keep re-assessing our individual positions, but at this stage I am in the game for a long haul. Hope you all have a nice weekend and I feel we will have a better next week. Please dyor.
