daytrade diaries.. thursday, page-3

morning guys,

agree with highlandlad's sentiment its great to see this market pullback, it is well overdue and is required for the longer term strength of the market.

saying that there are a certainly a few momentum plays worth keeping an eye on, with companies such as CXY,CUE,NDO,GDN all either breaking through or butting up against resistance on good volume yesterday.

look for CXY to test the 10c level before seeing how much momentum is left in the tank.

of particular interest was the timing of the buying in CUE, no real volume before exploding at around 12:30-1:00pm, which would coincide with asian buying. Looking at the last two company presentations, Singapore Petroleum has been quietly increasing their stake to over 15.4%, so maybe it was them adding a few more to their holdings.

fundamentally with increasing oil and upcoming gas production CUE looks significantly undervalued on a forward P/E rating. And technically a break above 14c was significant expect it to test 16.5c in coming days before deciding if it wants to run higher. Still plenty of large buy orders around this morning.


as always DYOR