daytrades feb 17 pre-market, page-3

Today's Picks

With gold up sharply again I expect increased interest in this sector today. I'll be watching GOA, BCN/BCNOA and CVY closely for trading opportunities.

GGP/GGPO/VIL: Some interest began to creep back into VIL yesterday afternoon with the stock closing at the day's high. The stochastic has turned and the RSI has flattened but the MACD is still falling. Technically I still believe both stocks are now looking ripe for a decent bounce but news will continue to drive prices in the short term. News Due: Final results from testing the lowest interval of the Fausse Point well.

MHM/MHMO: An update on Wacker's plans to build a silicon smelter in Tasmania is due today so I expect interest in MHM to continue. The stock failed to break through 40 cents yesterday but another attempt is likely today. The short term price move will be determined by the decision about the smelter. If the project is going ahead I have a target around the mid 50's in the short term. News Due: An update on the Silica project (Wacker AG) is due by the 17th of February. Plans for exploration on gold and base metal projects located in Tasmania.

ADO: The stock took a breather yesterday with a potential spinning top forming although confirmation is needed in coming trading days although yesterdays candle. The indicators are far from overbought so yesterday's candle might indicate some short term indecision on the part of buyers. The MD is due back next week some time so hopefully he'll have some good news with him. News Due: Further license agreements for the company's Mix & Go technology.

BCN/BCNOA: With gold up strongly overnight I expect strong interest from traders in BCN today. It is worth noting that in the closing auction at 4:10pm yesterday 3m shares changed hands at the days high of 2.8 cents. Based on this significant price action could be near. News Due: Exploration work plans for the Barlee project for 2010.

CVY: Given the $18 increase in the price of gold overnight I am leaving this one on my list today. I got in touch with bigcharts yesterday and they have now included CVY as a stock available to chart. On the daily chart the stock is giving mixed signals with the MACD having crossed a few days ago but the stochastic falling and the RSI flat. The capital raising at 22 cents should be finalized this week so I expect the stock to move quickly back towards 30 cents once it is closed. Because of their quality assets I rate CVY as a strong buy at the moment. News Due: Completion of placement to raise $10m at 22 cents.