I have been absent for a while attending to some business. With the DOW and other bourses down again last night I will be taking a cautious approach. Any trades I make today will be intraday trades as I don’t intend to hold any day trades overnight.
On my watch list will be:
BTA- this may well fly today, amid reports that a tamiflu resistant swine flu was discovered in Japan and Denmark, AND that Relenza was used to successfully treat the patients. This news looks to have started filtering into the market two days ago and could explain the rise in SP
HGO-STO announced purchase of their SH in ESG for $176mil. Mkt cap of $70mil. Initial target price is 23c, thereafter it could trend to 30c or even more. ESG- STO’s purchase of the HGO interest values their shares at $1.08. Current SP is 80.5c
HFA- broke though the 20c resistance level yesterday. The buying patterns of late have been quite strange, and am not sure if this will simply revert back to trend again and trade between that 16.5c to 18c level. The pattern lately seems to be that volume increases significantly on a big green candle day, the next day it opens slightly higher but then the SP falls back to that 16.5c level again over a couple of days.
NXS- seems to be finding a base at 35c. Could go to 38.5c again over the next few days, although I suspect that ROC Oil may still be disposing of the remainder of their holdings.
CTO-which has been reliably trading in the 16.5c to 20c range in the last few weeks. The slow stochastic on the charts is starting to indicate a possible turn.
LNC- starting to look oversold on the charts.
COI- it is near it’s support levels and may see a bounce from 27.5c
CTP- the chart has formed a descending triangle pattern, and this could break out either way. A good one to keep an eye on. The slow stochastic is also indicating an oversold position.
