Todays PicksCCU: The chart looks pretty good now however with...

Todays Picks
CCU: The chart looks pretty good now however with the fall in precious metals on Friday night we might see a little weakness today. Volume picked up on Friday though so it does look ready to make a move. This is one I’ll be watching closely this week. With the higher volume and the chart looking good I expect a move through 20 cents this week.

BCC/BCCO: Some solid buying on Friday stopped any chance of the gap being filled. Now that we are getting closer to more news I think it is unlikely that the gap at 4.5 will get filled, at least in the short term. I bought more shares (at 5.1) and options (at 1.6) on Friday for what I expect to be a good week coming up with potential for news on the ramping up of production levels to 6-7mmcf/day. They also start an exploration program next month with 11 of 12 wells recently drilled in the area being successful, some flowing several hundred barrels a day. BCC is a relatively low risk play from these levels in my opinion.

RED: I sold half of my holding on Friday at 13.5 cents when the gold price started to weaken and the chart was starting to look a little overbought. However I plan to maintain a position in RED for the foreseeable future. I’ll look to replace the stock I sold on a retrace.

GOA/GOAOA: The chart improved substantially on Friday with volume rising once again. I managed to do a couple of trades in this for a few points profit but still have the original holding I bought early last week. I expect a stronger week provided the gold price holds up.

EKM/EKMO: I closed out the position on Friday with a very nice profit after initially expecting to make a substantial loss. The one concern I had with EKM was that they doubled the number of shares on issue at 2.5 cents earlier this year. With the price at 13 cents that is a very handy profit for those that were lucky enough to get the new shares ad I suspect that a lot of these are now hitting the market.

IMA: Whilst the price didn’t increase on Friday IMA held its ground from the day before. Drill results must be near now which, if good, could send the price towards a dollar.

ATN/ATNO: I picked up 500K ATNO late on Friday after reading the announcement and seeing the increased activity, including posters on HC.

ARM: The consolidation period continues but I am confident we are nearing the end though. Bollinger bands have tightened and the heat has come out of the chart indicators. There has been a seller out of WA who I’m told has a couple of hundred thousand to go. I think more news will be needed to get through the 48 cent level.

Good luck trading this week.