Today’s Picks BCC/BCCO: The announcement last night that the first tranche of the placement has been received should add support to prices around the current level. Also once the Lee County well has commenced drilling I expect interest to build again. News Due: Confirmation that the Pompano well has increased production to its target range of 8-10 mmcf/day. Spud of Lee County Well.
ADN: A very positive day for ADN yesterday with the stock rising 10 percent on moderate volume. This indicates people are becoming more impatient to get set before the Rover 1 results are released. The stochastic looks set to cross, the RSI above 50 and rising and the MACD still looks set to cross in coming days. Should the news be good I would expect new highs around 40 cents or above. 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.
MHM/MHMO: Volume in MHM has been rising in recent days. The bollinger bands are still tight indicating the potential for a large move in price is near. The stochastic is still rising however the RSI is falling slowly around the 50 level. The MACD is looking like a positive cross will occur in the next few days. News has been a long time coming but when it does I expect a flurry of activity. News Due: Completion of acquisition of Aluminium Salt Slag plant outside Geelong.
BCN/BCNOA: BCN is still worth watching and I will be on the lookout for cheap entry especially with gold having another big fall last night. The initial drilling results released on Monday showed again the considerable potential of the Barlee gold project to host a decent sized resource. I expect BCN to hold up better than other speculative gold stocks due to the schedule of upcoming news. News Due: Initial JORC resource estimate for the Barlee gold Project. Further exploration results from the current drilling program at the Barlee Gold Project.
ARM: Broke out yesterday and should be on its way to the all time high of 65 cents. I expect further good news will show the real potential of what they have and put this stock firmly onto the radars of some big players in the industry. Looking at the strike lengths of the Manganese mineralization, the scope for a very large resource even by global standards looks good. A share price approaching $1.00 is now a possibility pre drill. The chart looks fantastic with the stochastic and RSI rising and the MACD set to cross in the next few days. News Due: Further Manganese sampling results, drilling approvals and details of upcoming program.
