daytrade diaries... november 19, page-2

Todays Picks
BCC/BCCO: An inside day yesterday showing a level of indecisiveness of the buyers and sellers with no side taking control. The gap down at 10.5 cents still looks vulnerable intraday and I expect it to get filled. One alternative scenario that could play out is that we have had a breakaway gap and a pennant which has formed in the last 3 days breaks out to the upside giving a target of about 19-20 cents. My orders remain on the screen waiting for the gap fill to occur. News Due: Confirmation that the Pompano well has increased production to its target range of 8-10 mmcf/day. Spud of Lee County Well due on 26th of November.

ADN: The upward pressure will continue to build as we get closer to the all important release of Assay results from Rover 1. The chart still looks okay even after two down days with the MACD and stochastic still rising. The RSI at about 65 and falling is no where near an overbought level. News Due: Assay results due in early to mid December from the diamond drill hole at Rover 1 next to Westgold resources discovery. Indications are the grades will be very good.

NWE: There was a slight pause yesterday with volume dropping off. The chart still looks okay so I will be watching for signs another move is imminent. News Due: Seismic interpretation for the UK project.

EXM: I doubled my holding at 2 cents yesterday however with the director selling 15m at 1.7 cents I do not plan to be on the register for long. With further drilling results due I still believe there is potential a decent trade to 2.5 cents here. The gap down to 2 cents has now been closed so hopefully we will see 2 cents hold as a new support level on the chart. News Due: Further assay results from their gold exploration property in Tennant Creek within the next few weeks but after speaking to the company they could come at any time.

BCN/BCNOA: Volume picked up late in the day yesterday. The price managed to make its first decent rise since the capital raising debacle but the next month should be a good one for BCN holders. New Due: Announcement of the 10,000m November drilling campaign due to commence tomorrow. Results should start to come in about a month.

OBJ/OBJO: The stock rallied on good volume yesterday with the price rising above 3 cents again. The chart looks pretty good with the slow stochastic having crossed, the RSI rising and the MACD looking likely to cross in the next day or so. I am still cautious with OBJ because of the likelihood of a capital raising at some stage.

MHM/MHMO: The shares go ex entitlement today and it will be interesting to see whether many try to sell their shares at 27 cents to replace them with new ones at 20 cents. I’ll be watching closely for opportunities to pick up stock. News Due: Completion of the acquisition of the Aluminium Salt Slag plant in Geelong. Update on the Silica project in Tasmania.

Good luck trading today everyone.