Market Direction: Wall street closed higher yet again which should see our market hitting fresh rally highs today. 5,000 points is now firmly within reach and looks likely to be breached soon.
SSN/SSNO: A new cup and handle pattern looks to have formed in the past 5 weeks. The base of the handle has formed and the right hand side is next. The breakout level is 3.6 cents and the target will be 4.5 cents. With the expected news flow this is a real possibility to play out. News Due: Commencement of fracturing operations at the Gene#1-22H well due on the 29th March. Spud of Ripsaw well due on the 23rd or 24th of March. Details of the upcoming drilling program at Bakken. Disclosure: Holding SSNO
VLA: The chart still looks bullish with the slow stochastic, MACD and RSI all rising. As mentioned previously some caution is needed when trading VLA because of the convertible note holder selling converted shares into the market (this is known because there they do not lodge substantial shareholder notices meaning they must be selling stock into the market). News Due: Progress of Phase I Cavatak trials against various forms of cancer including breast, prostate, melanoma and head and neck solid tumours. Progress of phase II IND application for Cavatak in the US. Disclosure: No Stock Held
BCN: Yesterday' s drilling results gave reason for further optimism that the resource will be increased. Further assay results are due over coming weeks. Investors sold off the shares into the news and the chart now looks bearish in the short term so I will hold off from buying until the chart gives a buy signal News Due: Further assay results from the Barlee gold project. Disclosure: No Stock Held
MEU: Volume has been building substantially over the past week and given the bullish signals coming from the indicators there should be further for the stock to run in the near term. The slow stochastic, MACD and RSI are all risong but not yet near overbought levels. I have a short term target of 15 cents for MEU once 12 cents gets cleared. News Due: Drilling results from the Melton copper-gold project. Disclosure: No Stock Held
EMR: The stock turned around yesterday after further selling in the morning. I think there is potential here once the substantial seller has finished and that may have occurred yesterday. The market capitalization is circa $4.7m (based on 115m shares on issue) and further news should be out on by the end of March. I sense a pretty good trading opportunity here and will follow it closely in the next few weeks. News Due: Completion of the acquisition of 31.5% interest in Noxxe LLC by the end of March. Disclosure: No Stock Held
