ADN: A disappointing day yesterday with the price falling again. There will probably be some T+3 selling today and tomorrow so it looks increasingly likely that the gap at 30 cents will be filled. However with more assay results due shortly I expect interest to grow once the traders that bought the announcement, expecting the price to run, exit their positions. News Due: Assay results from deeper sections of the Rover 1 hole to reveal whether gold/copper mineralization continues deeper.
MHM/MHMO: We might get the large move now that the stock has gone into a trading halt. The announcement relates to a project acquisition so it is probably related to the news due below. 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. News Due: Completion of acquisition of Aluminium Salt Slag plant outside Geelong. Update on silica project including a potential silica plant in Tasmania.
BCN/BCNOA: There were signs of strength yesterday with the buyers staying in control right up to the close. I bought a few at 2.7 for a trade leading up to the JORC release plus further drilling results. Technically the chart is looking much better with the RSI rising, the stochastic looking likely to cross and the MACD flat. 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: Another 52 week high of 62 cents yesterday and the chart still looks like the stock has further to run. I expect the all time high of 65 cents to fall shortly. Yesterday’s announcement further extends the area of manganese mineralisation. There was also a comment which talked about further results being due so I expect more good news and further growth in the potential of what looks to be a huge project. The chart still looks good with the MACD having just crossed, the RSI rising, although not yet overbought, and the stochastic also rising, although nearing the overbought level. I expect the price to hold around yesterdays level today as the Bollinger bands try to catch up with recent rises. That could all be changed if more good news comes out, which could push prices higher again. News Due: Further Manganese sampling results, drilling approvals and details of upcoming program.
BCC: With the spud of the first well in a 10 well program due to occur in the first half of next week I expect more active trading in BCC’s shares. The price has fallen significantly from its highs giving back about 50% of the total gains from when they began the run from well under 5 cents. On the chart the stochastic is oversold, the RSI is rising from below 50 but the MACD still has some work to do before a positive cross occurs. News Due: Spud of Lee County well. Confirmation of ramp up of pompano gas production to a target level of 8-10mmcf/day.
