Well the last few days have been rough as far as the market overall direction goes, though I believe we are nearly a bear market rally like many are projecting... Yesterday we saw many day trading opportunities with a handful of stocks gaining more then 20%, which is very good news IMHO. These stocks included LNC, BUL, HGO, MAE, NGE, TNG and RRL. Seeing these types of gains on volume, suggests to me that people are becomming less cautious about trading allowing greater movement in the share price.
Stocks which I watched closely yesterday were LNC, BOW, BUL, SDL, MEL, RFE, MOF and HDF.
I put a few charts together yesterday and overnight, so here they are.
and Sundance Resources (SDL) which I believe is about to bounce of its recent lows. The higher lows over the past few trading days suggest to me that solid support has formed in the high 7's. Yesterday it managed to hit a high of 8.2c before closing nicely at 8c up 5.3% for the day.
Looking at the chart, there are many indicators suggesting this bounce with the RSI turning up, MADC crossing and also the shareprice testing downward trend lines..
I took a small punt yesterday @ 8c, and will see how things go today. I expect more volume today (6-8 million) given the public holiday in some states yesterday.
Here is the chart. Good luck if youy decide to buy.
I will also be keeping a close eye on the REIT sector as I suspect this will be soon considered oversold by the big boys... its just a matter of when!
