Wow, wasn't it great
Finally we finish in 6s. Last time it was end of November, so we spent all of December in 5s, not a single 6 finish. Lets hope we don't have to go back.
It was a very good day for all U stocks, on the back of a great night in US stocks. I think we may have done better. Average increase was around 7% with only VAL being in negative. AGE had a gain of around 11%. Good stuff.
On the weekend I had written there were 2 number which we want to cross and hold - first 5.9c and then 6.7c. Today we crossed 5.9c but we are not sure if it will hold. I have a strong feeling that it will (subject to macro, overnight DOW and US stocks). This is because -
- We had a weighted average (VWAP) of around 5.9c
- We traded around 20m shares on 6c - so most people who wanted to exit at this point got an opportunity to take profits/loss and move on
- There was another 10m shares traded on 5.9c and 2.3m shares on 6.1c
- All these point to that there is a very good probability that 5.9c may now hold
The volume was also very good. We finished the whole of December without a single day of 50+ million shares. The new year has started with a bang, and to get this volume on a rising SP is very bullish.
The SP of AGE has been lagging behind other U stocks for reasons we discussed earlier - CR/big seller etc. But I feel now we have some large traders with us who know the value of AGE and what may happen in next few months. Together we could reach big heights. The butterfly pattern with base of 5.1 bullish reversal may still be valid with a target of 15c for this cycle (based on charts presented and for those interested. I mainly go be trading patterns and study numbers)
Things are really hotting up. As I mentioned on weekend, we have around 4-5 strong catalysts for January and we should be seeing its effect. This seems to be the beginning.
If overnight Macro (dow/US U stocks hold), then we should be moving towards our next target of 6.7c. If things go pear shaped, I think we may be sideways, but feel strongly that 5.9 will hold and we may still finish in 6. I feel for this similar to what I felt when 5.1 was our strong point. Agter being bashed for a long time, we need some good times and of course - luck. Lets hope we have it shortly. Please dyor.
