daytrade diaries... november 24, page-2

Todays Picks
BCC/BCCO: Finally BCC had a decent retrace yesterday and this morning’s opening is likely to be weak. However I expect the weakness to be short lived as more speculative money is attracted into the stock before the 25th spud date. I’ll plan to buy a few traders on any further weakness early today. 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 (Australian Time).

ADN: The time top get set is definitely upon us. Although yesterday was not a strong day I still expect 35 cents to be tested this week, and possibly higher as we get close to December when results will be released. I am in accumulation mode on ADN. 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: With a higher gold price overnight I expect EXM to return to levels above 2 cents today. Failure to do so would be a signal that further weakness is likely in the short term. I still believe that with more positive drilling results due at any time, a price target of 2.5 cents is realistic. For those not in the stock yet it it might be worth waiting until the stochastic, RSI and MACD all turn up giving buy signals before entering. 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: The stock fell away yesterday following the announcement that the shortfall from the recent issue had been placed. The question now is how much of that shortfall stock will find its way onto the market. Any weakness here should be taken advantage of because as the company ramps up its drilling on the Barlee project interest in the stock will increase and the gap left some time ago between 2.8 and 3 cents should be filled. New Due: Announcement of the 10,000m November drilling campaign due to commence tomorrow. Results should start to come in about a month. Initial JORC resource at Barlee with a target of 500K ounces.

RED: Continued to power ahead yesterday following the news release that the Siana gold project had been granted approval to go ahead by the government. There is still a gap left between 14 and 15 cents on Friday but given the strength that may now be a breakaway gap. My 20 cents short term target should be reached as early as today. News Due: Progress on financing for the Siana gold project in the Philippines and drilling results on the Mapawa project.

LRC: I bought a trading parcel late yesterday afternoon on the basis of increased volume and a chart which. The slow stochastic has crossed and is rising, the RSI is due to cross 50 today and the MACD looks to be setting up for a cross. News Due: Details of drilling program on project in Chile.

UEQ: Volume increased yesterday and the stock appears to in the bottoming phase around 17 cents. The 2 year daily chart has a cup and handle formation with the bottom of the handle currently being formed. The target for the right side of the handle is about 28 cents and it should complete in the next 1.5-2 months. The target should the pattern complete is approximately 50 cents. News Due: Commitment to the first PhosEnergy uranium extraction project. Discussions with large phosphate producers are well underway.

Good luck trading today everyone.