daytrade diaries... june 17, page-6

Good Morning,

On my watch list for today will be:

CTP- It is due out of a Trading halt today- expecting an announcement regarding significant interest in their recent Renounceable Rights issue, which may please the market. Trade with caution due to potential share overhang from the Rights issue (@10c) and profit taking when the shares start trading on 22 June. Last traded SP is 11.5c

NXS- Bought yesterday at 40.5c and a rebound to 47.5c is possible over the next few days. Caution as it broke through resistance at 40c in yesterdays close, however this was not yet imo a significant break, so this could go either way. I should probably have waited for it to touch 40c and confirm a bounce trend before buying yesterday.


GMG- Possible bounce trade after yesterdays sell off on the news of further dilution due to the CIC investment and options attached to that investment- I see support at 40c and potentially a bounce off here. Price target of 45.5c. GMG have apparently stated that the next capital raising will be a rights issue, so mkt expectations may see some demand for these shares in the next few days. Need to ensure clear trend develops before buying on to this one. (The chart is looking over bought, but resolution of their immediate financing concerns may outweigh this.)

MAE- the depth on the buy side is looking pretty thin, so we may see some capitulation selling today if it breaks though the key 30c resistance. This may provide a nice bounce trade opportunity. THIS IS A VERY RISKY SHARE imo, so DYOR

MOL- broke down through it’s resistance yesterday but had a very nice bounce off its low for the day.

CNX- it closed at 44c, just above the price of its recent Capital Raising at 43c. May see a bounce from here.

Others on my list will include:

AXO, ORO, SRR, HFA, BUL


Happy Trading all