daytrade diaries... september 8, page-25

Morning All,

The european markets last night would certainly encouraging, with the FTSE up over 1.8%.. No suprises that the base metals, energy and gold were flat as having the DOW shut made it difficult for traders.

Today I will be watching the following stocks RDR, MAH, FMS, REY, BRM, ARU, BKY, FML, BGD, AGO, LNC, MRE and BAU

Here are a few charts and comments also::

Rey Resources (REY).. Had a very solid run yesterday hitting a high of 31c before closing at 28c up 19.15%. IAP now 29.5c

There has been numerous companies eyeing Rey off over the past month or so, with take over bids clearly not meeting the price expectation of the stock holders. This in turn will continue to drive the price as the cut off day of Friday, 2 October 2009 at 7.00 pm (EST) nears. I suspect this stock will see 40-45c in the short term in anticipation. Time will tell.



The next chart is Macmahon Holdings (MAH). I posted on the MAH thread this last night, as it has broken out on increased volume. Yesterday closed up 8.85% to 61.5c with a daily high of 62.5c. I expect this to break resistance @ 65c today with a short term target in the mid 70's.




Finally Arafura Resources (ARU).. Yesterday had a solid day finishing at 75c up 11.94% after hitting an intraday high of 77.5c. IAP this morning 78.5c, with buyers building. Looks very strong, and I will throw this chart out there to see what people think. Not completely sure if its a value inverse head and shoulders pattern.



Thats enough from me.. Good luck today all

Cheers
Kevi