Morning All
Couple of charts for the sake of interest and boredom and the fact ive been up since 5.30am... hmmmm might be a long day
AQX : At support here, might offer a trade up here for a ST play
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BET : Ripper chart, remember calling this back when it was below 10 cents, i think myself and was it Goblin ? Anyways worth watching for a pull back entry today ?
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BIT : I guess we all thought this might crack on to 10 cents on that first green candle, truth be told and hindsight shows us that it really needed to take care of that supply first to the left of the chart. Looks poised now. Volume shows us traders are all over it.
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CI1 : Back to a significant support level here, may see a reversal from this level ?
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CT1 : One of the better looking charts around, ascending triangle still playing out here, looks close, maybe a few more days ? Maybe today ? High watch
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GMR : Possible mover off lows here ? WL
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HCT : Nice break out yesterday on record volume, looks like traders were pretty keen to keep a lid on it yesterday at that resistance area, but happy to mop it back up at 11.5. Suspect we might see it crack on today ST targets 15 then 20 cents
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IMS : One for the WL management seem to be kicking goals in terms of turning this company around with a bit of research maybe a nice ST play
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MSG : Oversold yesterday, quarterly wasnt as bad as the price movement suggests. May offer a trade.
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OKU : Nice flag setup on the daily chart, last 2 sessions on declining volume is what you want to see on a setup like this, pole gives a ST target of 33.5. With more assays due this week/next expect we might see a possible reversal today?
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TNT : Doji on the daily here, looks fairly oversold, maybe those inspecie distribution shares have finally been cleared out ?
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ZNO : Interesting one, there is that lingering gap there on the daily chart at 82 cents, then there is also the attraction of the $1 party or were the last 2 high volume bars distribution. History tells us this stock will close the gap, will it be before it tackles $1 or in the future when it eventually rolls over ?
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Now for a couple extra charts that i thought were worth mention, these are not day trades, but there was made mention yesterday of a whole list of stocks and there hindsight outcomes. This is in absolutely no way a personal attack but more of an insight into the fact that you can only trade whats in front of you, sentiment, volume and price action.
PWN : It was made mention yesterday that this stock was a shocker of a call. But if you go back over the chart in its short history of finding some attention the stock has offered plenty of volume and spread ( sure some tighter than others ) to provide profitable income trades on a regular basis. Eventually the chart has rolled over on that high volume bar circled on the 24th of Jan. With that kind of action its inevitable and there is a reasona for this ( you only need to do a bit of research and ask a few questions and you will know why this happened ) however at the end of the day the stock has provided multiple good percentage trades if you manage to take the full spread.
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CHK : Has been talked downm coming to close nearly a year now that a capital raising is imminent. Yet here we are 12 months on and no capital raising, but if you look over the history of the chart it has not stopped traders from making high percentage profitable trades in relatively short time frames.
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So the point of the story here is, calling stocks out in hindsight when they eventually loose momentum / sentiment and volume disappears is a pretty easy game to play and come out and say i told you so. But this is the spec end of the market. Its going to happen. Charts and share prices do not simply continue an upwards trajectory because you want / hope that they do.
The speculative end of the market is a fickle beast, arguably more fickle over the last 12-18 months where we are seeing traders move on pretty quickly to the next best thing and volumes disappear from last hot stock.
Alot of the charts i have posted above will most likely have the same outcome in due course its just the nature of alot of the stocks mentioned day to day.
We cant short speculative stocks so once the music stops and the high is in for that particular move there is only one outcome to be had... a downwards move til that stock once again finds support, fresh buyers return and the stock will start to provide income trades again.
Anyays just a few thoughts.
All charts are my opinion only, some will be wrong, some will be right
Hopefully we see some better action today than yesterday as for the most part there was only a couple of stocks really moving at this end of the market.
Cheers all
V
