daytrades april 30 pre-market, page-2

Today's Trading Stocks

Market Direction: With Wall St up sharply this morning I expect the Australian market to rise sharply today, especially given the recent under performance of our index. US GDP numbers come out tonight so there should be plenty of volatility there in the lead up to the release at 10:30pm tonight.

EKM: The stock closed above the 12 cents first resistance line yesterday so this may now become a support level. Volume was also at its highest level in nearly six months. The slow stochastic has is heading into overbought territory however the RSI and MACD still have further to run before reaching this level. News Due: Assay results from drilling at the Central Bore prospect. Price Target: There is resistance at 12, 13, 14 and 15 cents. Once these levels are cleared there is blue sky until the mid 20's. Disclosure: Holding EKMO

HTX: The company announce the expansion into the Asian region yesterday with sales set to commence in Singapore which is the third launch market after Australia and the UK. The company also released its quarterly cash flow report yesterday which showed that revenue for the quarter was $57K for the quarter. Presumably most of that revenue was generated in March. The stock opened strongly but fell back, possibly due to the revenue figure, although this only relates to the first month when the company is most likely in the process of scaling up distribution. News Due: Expansion plans into other new markets. Price Target: The next resistance level is 16 cents followed by 18 cents. Support is at 13 cents. Disclosure: No Stock Held

MBA: News that global sales of the companys apps products produced by its RingRing Studios have surpassed 500,000 downloads. All time mobile app downloads have increased by 140% since June 2009. With only 187m share on issue the company was capitalised at $3.74m before trading yesterday. With growth like that announced it was no surprise to see the market warm to the story with buyers jumping over each other to get stock all day. A word of warning though; more than 240 million shares changed hands or nearly 130% of the total register so I would not want to be left holding shares when the buying dries up. This sort of turnover indicates a very loose registry which should be treated with caution. News Due: None. Price Target: The stock has some resistance to overcome at 5 cents followed by 6 cents. Support should kick in at around 3 cents should it get back there. Disclosure: No Stock Held


Good luck today.