Morning all
Here are a few charts and thoughts i have put together from yesterdays action to provide some trading "ideas"
The key ingredient for a potential mover for the day is early volume, after that its price action, that is where you will most likely find you're income trades. Or better yet, trying to identify potential runners before they move.
4DS Closed on its high yesterday which was a good sign, fundamentally im not sure why this is running, but technically it looks primed for a break upwards. Because its currently trading at a recent high it has visited, its always a good idea to go back to the last time it hit 13 cents and see how much volume it traded in this area before potentially buying the open as that is where you will find the hidden supply. Sometimes its better to let it break and wait for the retest before jumping in instead of being trapped with the original bulls from the first crack at 13 cents.
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AUZ Looks to be holding that support area of 7.8 nicely, early volume here today is key and smash through 8 cents on some convincing volume would set this up nicely for a push off the current base
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BCT Not to sure what to make of the action here, but someone is still buying up decent size parcels in the current price area, a pop back up above 6.9 and hold would bode well ST. As long as the price stays inside that original high volume bar, it should offer a decent trade soon.
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CCZ Could not crack that resistance area to the left, but it did close the gap and probably took care of alot of supply on the way up. Expect to see this climb back towards 5 cents ST as more results and news flow comes which is expected to be on a fairly regular basis from here on in.
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IPB Some very nice action late in the day, traders made a point of pushing this back up on volume to close evens for a potential setup to finally give 10.5 a crack. Would like to see a quick retest of 8.7 again early to make sure we are on the right track.
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IVZ A pretty decent chart and setup here, looks to have the potential here for a break higher. Worth keeping on the watch list today
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PAB Another one that has been popping up on the radar, sub holders been increasing there stake recently. Think we may start to see some action on this one soon.
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RMX Basing chart, finding some decent volume in the current area recently, one to watch as these can be the ones which offer the best returns when its "ready"
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SDA Banged its here on the first fib resistance yesterday, expect to see some heavy supply at or around 4.60. There was a big trade after market @ 2.48. Potential borrow here for a short sell exercise ? Not sure. But from my experience after a major sell off on a stock it doesnt usually break through the resistance on its first go, so im happy to be short here and also happy to be wrong and learn. My short stop is covered by my original long. If anything i will add to my short depending on the PA. The volume was not all that encouraging yesterday. However the action was pretty good. Lets see how it pans out.
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SIG Here is an example of a stock that got sold off and on its reversal failed to break the resistance area on the first go around, retreated, then consolidated below the resistance point and then broke through. You can then see it then slowly made its way up to the next resistance area and has consolidated here. Given these 2 stocks are completely different fundamentally can change the way the chart is shaped. For me SIG shows me now that its probably waiting for news to break higher, and if nothing ST will likely come back and test the original resistance area, to make sure its still in play.
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Cheers all
Happy Tuesday
