Gold and copper producer Silver Lake Resources (ASX:SLR) has Dale Gillham and Filip Tortevski’s vote for ‘Hot Stock’ status this week.
“The reason why this one is very interesting to me: Obviously the market’s down in April, and this one’s bucked the trend completely,” Mr Tortevski said.
“When you start to see a stock hit a level that you anticipate, and then start to form those higher highs and higher lows, really telling you that hey, the sellers are out of steam here and the buyers are showing that they want to push higher.”
Silver Lake was trading around $1.43 (April 22).
Whitehaven Coal (ASX:WHC) is Wealth Within’s ‘Proceed with Caution’ pick this week.
While it’s showing an uptrend, Filip Tortevski said he’d be comfortable with the stock if it were to break through the $8.40 mark.
The previous all time high was February 2011.
“Perhaps just a little bit too early, I would want a little bit more confirmation because we’ve got this nice level of resistance where the stock’s struggled,” he said.
WHC was trading around $7.80 yesterday.
The ‘Not Hot’ stock this week is Arcadium Lithium Plc (ASX:LTM).
Dale and Filip discuss how not all lithium stocks are going up.
“The chart tells us everything,” Dale Gillham said.
“Fil and I are technical analysts, first and foremost, and that’s why we trust the charts, because its the only unadulterated information you get. It’s clean, it comes from the ASX and it tells you exactly what’s going on.
“So regardless of whether you think lithium’s going to go ballistic in the next 10 years, LTM is going down.”
Arcadium has been trading below $6.
Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au
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