So have we tested the lower levels?.Not sure, but I feel it may...

So have we tested the lower levels?

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Not sure, but I feel it may have. From a weekly perspective, a small gain from 128.5 to 131, nothing significant, but good to see it finish in the green.

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So do we think we have done testing our lower levels? Many may not agree. There was a lot of talk around some gaps around 115 or so. I myself had been writing that if it goes down, a play around 118 may happen. So it may look like there is unfinished business. But I have slightly different opinion, I could be wrong, so please dyor.

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So what is different I saw? As most who may have learnt by now, I am not a very strong player of fundamental, usually follow price action. So did I see anything around it? Yes, I did. For 6 trading days, WR1 was doing daily lower lows. After 6 lower lows, yesterday was first day it didn't do a lower low. That was significant for me, to the extent i even thought that we may be done with the downturn. Both days it finished at 122.5. For those holding for sometime, we had a cap raise at 122 sometime back. Even then, 122 played a key part, from trading perspective. From a trading pattern perspective, I liked that play. It has broken a pattern of down play, and also, wants to hold that significant number 122.

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So are we back or will retest the numbers? For those who care to read my posts, in my last weekly report on the weekend I had written that ALB is in a good position, a neutral position. The number 128 I have talked for months. I had written that for any positivity for the sector 128 needs to hold. I had also written that ALB has a habit of going to 130s and retreating. We want it to move towards 140. And start finishing in 130s. This week, all 4 days, ALB has finished in 130s. Something it has not done for a while, a long while. So very positive from that perspective, even if it didn't reach 140. I feel that macro sentiment has played into our price action, but it's just my thought, I could be wrong, so please dyor.

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Personally, when 122.5 held yesterday, I bought a few. I also bought some other Li stocks. Today I bought more when it looked like holding. My average currently 126. I will hold till 122 looks like holding. I have written a few times that I wouldn't buying around 130 level, so I am not far from that play. My last play was from early 120s to mid 140s, I am not sure what next one looks like, but I try to be optimistic, so let's see.

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Soo what may happen next week? Any news of our own will take precedence and drive price. Otherwise Li macro may dictate. Possibly how ALB trades. Many others may have a different opinion about Li macro and how to track it. Till now ALB has played well for me and I will continue to use that, doesn't mean it's right or the best, it's just what I use. Let's hope we see ALB do well tonight, worst case hold 128, good case finish in early 130s, and best case try to reach 140. Enjoy your weekend and all the best.