So is it consolidation or weakness?.
A slightly unusual play with WR1 this week. A drop from 140 to 123. 5, just over 10%. Volume wise, I feel there is no clear indication. On Monday, and today a similar volume. But overall, if one can have neutral view, it's playing with weakness. But those hopeful and positive about the play, I still feel it's playing in the zone, rather than indicating a new play is in play.
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So what do I mean that it's playing in the zone? After it rose from the level of 80s, it reached close to 150 around 6 weeks back. At that time I had written I had got out at 145. Many wanted to see my trade. But let's assume it's what I feel and write for those who look for cues from me. My selling was an indication that we may have reached a short term top. I did get a lot of flak for selling, but my sell has stood the short term position. I know most are long term so any price does not matter to them. But some, like me, play short term. My selling was the cue. It has stood the time line. I am sure most on this thread may disagree. It's fine. We all write and do what we think, we get some right and some wrong.
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So how is it looking for WR1, especially what happened this week? It's playing with weakness. Overall one may think, it's still playing in the zone, between 120 and 150. And that is true. And that is the biggest strength for the stock, for anyone that is holding. A big rise has happened, and it has held to the gains. So very positive from that perspective. So what is the weakness? I think 2 things. First, not able to get over 150. Secondly, doing a runner towards 120 on any weakness. So it's individual play and timeliness for anyone to decide whether to hold, buy or sell. All my interpretation is for short term trading. I could get it very wrong, so please dyor.
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Personally I exited this week. On most other threads I write the price, but here people get a lot of angst, so I will leave it.
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So what may happen next week? I feel for WR1 and many other Li stocks, a big test is coming next week. Why do I say that? For those reading my weekly report, how I have been saying that we may see new highs in general markets, in SP 500. We have good gains. Now most analysts feel, we may have a small correction. Many of those analysis have been wrong before, but reason I write is I am also feeling that way. Secondly, again those who read my posts, how I write that ALB needs to be above 128. Below that, it's playing with weakness. It has lost that. A play of 118 for ALB can happen, failing that towards 106. For most Li stocks that may not be a good thing. So there is a chance, no help from macro. So if we don't get a news of our own, we may fall into macro play. And if that is weak, 118 or 112 comes into picture. For upside, we still need to get over 150. I like the play here, hence I keep writing. I am sure there will be many who want to shut me down. Momentarily some pleasure. What I write, or whether I hold, buy or sell, has no effect on WR1 sp. For some they may never realise that way. But that's why we on HC, alternative views. I know for most on this thread, that's not good enough. My post is for those who are open to alternate views. As I have been writing for over 3 years, WR1 has always been good to me, one of the few stocks where I have mostly made gains. I am hoping it stays that way. For those already bracing up for my post, I am not an enemy, I write and I do things as I see. May not be right, may not be perfect, but reflects what we are. I know I can't win over those who have already made up their mind, but those with an open mind, please read objectively. A big take, but I am sure most of us can do, if it helps in understanding what's happening. I know there may be a lot of one liners to my post who will get lots of brownie points. Many may make the most of it. My post might sit in the lost lane where no one cares. We think so. But there. may be some who care, may be one. My post is for them. I wish you all well. Enjoy your weekend and all the best.
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