ARM: The pennant broke down yesterday so caution is now warranted as a retrace appears underway. That being said I expect news shortly on native title and there are more sampling results to come. I bought a few yesterday to replace the some of those that I sold at 47.5 / 48 cents on the 23rd of September and will accumulate more if weakness persists.
THX: The pull back continued yesterday although the tail on the candle might be an indication that more buyers are coming in at these and lower levels. I will probably look to get a few traders in coming days before the release of assay results from hole TPCDD026. I am still waiting for THX to outline some plans for their project next door to Sandfire Resources.
RED: It looks like the retrace is just about done because the price has retreated to the long term trend line. With the gold price back over USD1,000 per ounce last night falls I would expect the price to start heading up from here. I still wont be buying any to trade until I see a breakout to the upside occur. I have an order on at 8.8 cents in case the gap gets filled.
IMA: Higher volume again yesterday with the price rising to 73 cents. Stochastics, RSI and MACD are all on the rise. Sellers below 70 appear to have finished so my confidence of a breakout is growing here. I’m in from 69 cents.
BGD/BGDO: Bollinger bands are still tightening. Market depth looks terrible at the moment. The price was propped up at the close yesterday. I wont look to buy until the action looks more positive and will drop off the list until then.
CTP / CTPO: When I saw the action begin yesterday I bought 100K CTPO at 9.6 and sold them soon after at 11.5. At the time I sold there was a 1m bid at 10 cents that I believed was fake and it was. When it was removed I went back on the bid for 150K at 9.6 and was immediately hit. Within 5 minutes I sold 50K at 10 cents and then came the trading halt. Yesterdays rise appears to have been driven by the inclusion of CTP in a widely read investment newsletter.
MEU: There may be another cent or two left in the retrace, assuming that the price stays above the trend line. I expect the price to fall back to the long term trend line which is about 12.5 cents. The indicators are all negative with the MACD crossing down yesterday, stochastic and RSI both falling.
ATI/ATIO: Given ATI has run from 1 to 4 cents in less than 2 months I am being a little cautious about entering trades with this one until some heat comes out of the indicators.
NWE: I traded this one a couple of times yesterday and will look for further opportunities today. I like the fundamentals of NWE however I have noted that the underwriter took up 117m shares as a shortfall in the recent rights issue at 1.25 cents. I wonder if these have hit the market yet?
