Todays Picks BCC/BCCO: Yesterday was a day of consolidation. I still expect the price to pull back to 10.5 in the next few days to fill the gap. However after that I also believe a strong rally will occur in the lead up to the spud of the Lee County well with a target between 15-20 cents. I have placed buy orders at 11 cents and 10.5 cents should the retrace occur because I believe the stock is a buy at these levels. News Due: Confirmation that the Pompano well has increased production to its target range of 8-10 mmcf/day.
ADN: I sold part of my position at 32 cents soon after open yesterday and bought back at 29.5 cents. The chart still looks good and I expect interest to build over the next two weeks as we get closer to the assay results from the Rover 1 drill hole. 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.
NWE: Yesterday saw a strong open followed by weakness during the day to close at the days lows. One advantage of this was that there was no gap left on the chart. Even though yesterday’s action was weak the chart still looks positive with the MACD having crossed and the stochastic rising. News Due: Seismic interpretation for the UK project.
EXM: Following the release of the exploration results of 13m at 43g/t au including 5m at 102 g/t au I decided that EXM was worth a trade. I bought on open at 2.2 and sold at 2.3 and then bought back later in the day at 2.2 cents. With further results due I believe there is potential for further more substantial rises here because yesterday’s spectacular hits only resulted in a 1.8m increase in the market capitalisation of the company. The chart still looks good but the gap down to 2 cents will probably get filled. News Due: Further assay results from their gold exploration property in Tennant Creek.
ATI/ATIO: This stock was interesting yesterday as the defense of the 4 cent barrier came into play. Before the open two 5m buy orders were place on ATI and ATIO and they turned out to be genuine. During the day further buying support came in from off screen which was encouraging. I bought some ATIO’s at 2.8 cents on the back of this activity. News Due: Further details regarding the Vietnam JV including the potential expansion of the scope of the Bao Loc project.
