Will WR1 hold the 130 +/- level?
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Last weekly report I had written SP 500 is wanting to do some back test. Will it be 5% drop from the high, or 10, or something more sinister. It did 5% yesterday, just above 5000.
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Also I had written that ALB hold 118 or it could do a new 52 week lows below 106. It reached 110 yesterday.
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Also I had mentioned this week is to play with caution. So overall we didn't have a good macro week, but previous week had set the tone and unfortunately it played out that way.
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WR1 came to the week very strongly. I know many over here were expecting something big and different, but unfortunately the macro condition took precedence, for now. A drop of around 10% for the week, but it was also reflective of how most other Li stocks played this week. I track 96 Li stocks in my weekly report, WR1 is still looking one of the strongest one around. But I also feel it needs some help from macro, to make big gains, at least neutral. This week macro was down. But I feel its still doing very good, playing around the number I have mentioned before, 130. Also held 122, the CR price play which used to happen before. So although a drop this week, but some could say it was healthy consolidation after a big rise.
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Personally I have not yet bought. My play would be a change in macro or some good price action here. Won't mind buying around 130 mark if that happens. I want to play and will play, so looking for signs.
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So what may happen next week? Much depends on macro, both overall market and Li macro. Or some news, many have alluded to a possible announcement soon. From macro perspective, if SP 500 wants to do a 10% drop, it may drag most stocks down. But if it can return from here after a drop of 5%, that may lead to a new all time high for SP 500 and big boost to most stocks. Will that happen? Let's hope so. Enjoy your weekend and all the best.
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