daytrades april 8 pre-market, page-2

Today's Trading Stocks

Sectors of Interest: The gold price looks to be breaking out of an inverted head and shoulders pattern with the right shoulder being completed last night. The target for the breakout is approximately $1,230 per ounce which would be a new all time high. With the price up around $20 per ounce I expect gold stocks to perform well today.

PEN/PENOA: Yesterday's price action confirmed a double bottom on the daily chart. Volume also increased with a substantial number of large buy orders entering the market, particularly in the afternoon. The chart now looks very bullish with the slow stochastic, MACD and RSI all rising. In the short term the price will be effected by the amount of placement stock which hits the market however with the initial JORC for the Lance project due out this month trading volumes are likely to keep increasing meaning it will be easier to work through this stock. News Due: Further drilling results from the Ross project where 4 drilling rigs are currently operating. Initial JORC from the Lance project is due in April. Holding PENOA

OVR: Another positive day for the stock yesterday with a further rise on significant volume. The chart still looks very good with the slow stochastic, RSI and MACD all rising, however the price has broken through the top Bollinger band so we may see a re-trace in the next day or so but I believe any retrace will be brief. The 10 cent barrier is yet to fall convincingly but when it does the stock should head for the next resistance level of 12.5 cents. Once that level falls there is little resistance to 30 cents. News Due: Details of the exploration program for 2010 at the Andrews project in the Yukon, Canada. Disclosure: Holding OVR

SSN/SSNO: I was surprised that SSN didn't rise further yesterday after the 40% increase in America. There is now another gap on the chart between 3.2 and 3.5 cents (in addition to the one between 2.7 and 2.9 cents) which makes me very cautious about taking a position. That being said the chart still looks very good and should the news flow continue to be positive then they may not close. I would not be surprised to see another update today regarding the fracturing of zones 6 through 16. News Due: Further progress reports on fracturing operations at the Gene#1-22H well due on the 29th March. Details of the upcoming drilling program at Bakken. Disclosure: No Stock Held

MAU: Yesterdays progress report on the fracturing operations at the Gene#1-22H showed the company is achieving excellent results so far with flow rates of around 900 BOEPD. The chart looks much better with the slow stochastic crossing up, the RSI rising through 50 and the MACD turning back up towards the signal line. The only caution is that there is a gap between 2.7 and 2.9 cents on the chart. Fracturing of zones 6 through 16 are scheduled to occur during the remainder of this week so the prospect of further should ensure that a high level of interest is maintained in the stock. News Due: Drilling results from the Seabrook uranium project. Further updates on the company's Iron Ore tenements in the South West of WA. Disclosure: Holding MAU

HTX/HTXOA: There was a spike in volume yesterday beginning at about 2:45pm yesterday. Whilst I haven't taken a position yet I will be watching closely over the next day or so for further evidence that a move might be near. The stock could quickly move to 20 cents or further on positive news. News Due: Initial sales results for the company's Ovplex ovarian cancer diagnostic test. Updates on plans for expansion into other markets. Disclosure: No Stock Held

PEV: I wish I had seen PEV yesterday because the chart was showing that the stock was ready to break out. This morning's announcement that a further 3 exploration permits had been granted and that the company had called for "expressions of interest" in respect to it's other leases under application in Queensland attracted strong interest in the stock. Although there might be a lull while the company awaits responses to its advertisement, I expect there will be further opportunities in coming weeks. News Due: Expressions of interest in respect to the company's coal exploration tenements in Queensland. Disclosure: No Stock Held


Good Luck Today