Todays Picks
BCC/BCCO: Well my alternative scenario looks like its playing out. BCC broke out of the flag formation to the upside with a target of about 19-20 cents. I will pull my orders and keep my BCCO. News Due: Confirmation that the Pompano well has increased production to its target range of 8-10 mmcf/day. Spud of Lee County Well due on 26th of November.
ADN: The price fell with the general market yesterday. The chart looks like there could be further falls in the short term and I will be taking advantage of any weakness to acquire shares. The slow stochastic has crossed down, the RSI is falling and the MACD looks like it could cross down in the near future. 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.
EXM: I continue to hold and with the Aussie dollar gold price up overnight I am hoping the 2 cent level holds as the new area of support. More positive drilling should see EXM move towards 2.5 cents. The chart indicators have weakened with the slow stochastic looking like crossing down today, the RSI flattening out just above 50 and the MACD also looking flat but still above its signal line. News Due: Further assay results from their gold exploration property in Tennant Creek within the next few weeks but after speaking to the company they could come at any time.
BCN/BCNOA: Volume There was another strong close yesterday. The chart looks pretty good and there is a juicy gap between 2.8 and 3 cents that should get filled soon. I suspect BCN will present some good trading opportunities over coming weeks. New Due: Announcement of the 10,000m November drilling campaign due to commence tomorrow. Results should start to come in about a month.
OBJ/OBJO: The stock looked weak yesterday so I closed out the rest of my position. With the MACD crossing down and the RSI falling there could be further falls in coming days.
MHM/MHMO: Held up reasonably well yesterday but the chart indicators point to more falls ahead. I will until the indicators give buy signals before I reenter. News Due: Completion of the acquisition of the Aluminium Salt Slag plant in Geelong. Update on the Silica project in Tasmania.
UEQ: The MACD, RSI and slow stochastic are close to giving a buy signal for UEQ and that could happen as early as today. There was an excellent AGM presentation posted on the ASX website which provides a good overview of the company’s projects. News Due: Progress report on the negotiations to create the first PhosEnergy plant to extract Uranium from phosphate.
Good luck trading today everyone.
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