daytrade diaries... december 4

Originally posted by highlandlad ↑

Today’s Picks
BCC/BCCO: Still waiting to hear from the company how long the delay will be. Due to the hunting season. I expect a release today in regards to this. There was solid buying into the close yesterday and that is usually a good sign as the smart money enters the stock. News Due: Confirmation that the Pompano well has increased production to its target range of 8-10 mmcf/day. Spud of Lee County Well updated timing.

ADN: Volume dropped off yesterday as the selling pressure began to abate but the buyers weren’t willing to chase it. The stock still looks primed for a breakout with an initial target of around 40 cents. News Due: Assay results due in early to mid December from the diamond drill hole at Rover 1 next to Westgold resources discovery. Indications are the grades will be very good.

GOA/GOAOA: There was plenty of buying again yesterday at the 37/3.8 level. The chart shows a potential double bottom has been formed so hopefully its onwards and upwards from here. I have a gap between 4.5 and 4.7 cents that needs to be filled. That would represent a nice return even from these levels. Once the placements are long gone I expect the company will start to ramp up work on their projects which should bring added interest. Remember production is scheduled to start up in early 2010 with 20K per year at a cash cost of under $400/oz; now that should bring in some handy cash also. News Due: Further news regarding startup of production at the Sao Chico project. Exploration plans for the Crater Mountain project in PNG.

MHM/MHMO: Yesterday’s volume was much higher than recent days and may be a signal that news regarding the completion of the Aluminium Salt Slag plant acquisition is near. The SPP currently underway might slow the rise somewhat but I still expect a positive reaction to completion. News Due: Completion of acquisition of Aluminium Salt Slag plant outside Geelong.

BCN/BCNOA: BCN’s put out a release yesterday saying that they expect to have the initial JORC calculation available for the company to review next week. That probably means a release to the ASX during the week commencing the 14th of December. I’ll continue watching for trading opportunities in the lead up to that all important announcement. The company has also said it expects first results from the current exploration program in the next week. News Due: Initial JORC resource estimate for the Barlee gold Project. First exploration results from the current drilling program at the Barlee Gold Project.

LRC: The chart of LRC looks interesting with strong support at 1.7 cents. The chart looks positive with the stochastic rising, the MACD set to cross. I expect a move back above 2 cents in the near term. News Due: Drilling results from the program which has just commenced at the Arqueros Gold Project in Chile. Potential new project acquisitions.

Good luck with today’s trading.