daytrade diaries... wednesday, page-6

Morning all.

Interesting night in the US with profit taking on the back of huge rises across the financial sector the nights leading up to last night. Interesting to note that the base metals were mixed and several of the oil and gas plays were up.

Its going to be tough trading today, though I will leave my focus on a handful of stocks which I think should hold up well today. These include LNC, IRN and PRR. There are a few other stocks which have got me interested, and will post later in the day.

Yesterday I posted several charts on Linc Energy (LNC) which gave many TA indicators to suggest a buy.

It opened at $2.01 before hitting a daily high of $2.23, to be then sold down on light volume to close @ $2.11. I suspect most of the sellers were traders looking to exit so they didnt have to hold overnight in fear of the US tanking.

Here is the volumes over the past 5 trading days. As you can see, the volumes yesterday doubled the 4 days leading up to yesterday, with a heathly turnover and a rise of 7.11%.


14 Apr 2009 2.110 7.11% 2.230 2.010 1,168,685
09 Apr 2009 1.970 3.14% 1.995 1.930 564,414
08 Apr 2009 1.910 -3.78% 1.980 1.910 606,451
07 Apr 2009 1.985 1.02% 2.060 1.975 630,651
06 Apr 2009 1.965 -0.25% 2.020 1.960 600,670

IAP currently $2.18, with buyer interest building.. I suspect we are in for another nice rise today given the impending announcement due out any day regarding the sale of their Emerald (Teresa) coal tenements to Xinwen. Their latest announcement from the 27th March, said

"Linc Energy expects to finalise negotiations and execute the sale contract for the coal tenements in the coming 3 to 4 weeks, with the remaining formalities to be completed in Australia.

The Company will update the market upon the execution of the sale contract or as soon as any further material information is available; but in any event no later than 4 weeks from today.

Here is the latest chart, and here are a few other charts I have posted.


Chart 1
Chart 2



Short term target for me is $2.70.

Good luck today and trade cautiously.

Cheers
Kevi