daytrade diaries... may 21, page-15

Morning All,

Went to sleep last night with the DOW sitting up 110pts, so it was a bit disappointing to see that the gains couldnt be sustained at close. A weekly chart was posted by SandyB this morning showing the resistance on the DOW @ 8600. I dont think it will be long before it cracks through, though a few more days of consolidation would be nice.

The VIX also appears to have found support, with a green candle showing on the charts overnight with a longish wick. We might see a bounce here, so expect some volitility over the coming week or so..it will make for interesting times ahead.

Overall Im expecting a solid day today here on the ASX. Metals and oil were solid overnight, which obviously has a heavy weight on our markets.

Stocks to watch include ORE, OEL, GXY, ADX, OGC, MDV, EXT, MLI, CUL, NDO, ENB, ADI, AMX, HZN, BGD and MLI.

More gains to be had on GXY today, with lithium as I suggested yesterday still hot. IAP currently 77c, after a close of 68c

BGD also look ripe for my 10c short term target, with solid bids moving in this morning. There was a bit of panic selling at close yesterday, though I think they will be regreting their decision at some point today. IAP 8.2c

Finally, MLI.. We all know that there is something going on here.. good volumes the past few days, with very little shareprice movement. We seems to have found support @ the 6c level, in addtion the gap now closed. I suspect we will see continued activity here today, so lets hope we see more price movement north.

I will post some charts soon.

Cheers
Kevi