I was out for half of yesterday so no additions to the list today.
Today’s Picks
ADN: The announcement came out and in my opinion it was outstanding with 55m at 3.36% copper, including a huge hit of 9m at 8% copper. Also significant was a lower batch of gold/copper mineralisation which continued to the end of samples with 31m at 2.16g/t gold and 2.23% copper. Significanlty a second batch of assays yet to come could shoe that the lower copper/gold mineralization extends deeper. This means there is significant potential for prices to rise in coming days as the second round of results get closer. If nothing else yesterday’s announcement underpins the current share price so I see little downside from current levels. Yesterdays price action was bearish in the very short term and the chart shows a gap to 30 cents which may try to fill. However the stochastic, RSI and MACD all point to higher prices in the short term. News Due: Assay results from deeper sections of the Rover 1 hole to reveal whether gold/copper mineralization continues deeper.
MHM/MHMO: The bollinger bands continue to tighten indicating the potential for a large move in price is getting closer. The stochastic is relatively high and looks set to cross down in the short term but the RSI and MACD are looking neutral and no where near overbought. Hopefully news will come before Christmas. News Due: Completion of acquisition of Aluminium Salt Slag plant outside Geelong.
BCN/BCNOA: Gold had another relatively weak night with a rally then a fall back to levels similar to the open. I maintain my opinion that BCN at around 2.5/2.6 cents represents good buying for the trading the JORC release and further drilling news. Technically the chart is showing weakness at the moment with the stochastic and RSI falling and the MACD having crossed down yesterday. 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: Closed right on 52 week highs again yesterday and today should break that level again 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 still looks great with potential for further significant rises in coming days. ARM is my largest holding by far and I maintains it as my top pick for 2010. News Due: Further Manganese sampling results, drilling approvals and details of upcoming program.
