Zak Mir Video Blog On Bulletin Board Heroes: Audioboom, Central Rand Gold, Oilex and Strategic Minerals
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Spreadbet Magazine editor Zak Mir takes a look at the technical position of some of the bulletin board stocks of the moment amongst private investors.
Here are the key points from today’s video:
Audioboom (BOOM)
The shares have consolidated via a higher low for November versus last month within a rising trend channel from September.
The likelihood now is that while there is no end of day close back below the 12p support zone we shall see a partial or even full retest of the 18 plus high of 2014 to date.
The timeframe for the upside argument is the next 4-6 weeks, with any weakness towards the 12p level regarded as a buying opportunity.
Central Rand Gold (CRND)
We have seen Central Rand Gold shares rebound sharply from the floor of a November bull flag / 10 day moving average at 19.73p.
At least while above the 10 day line one would be looking for further recovery.
The former November resistance zone as high as 45p plus could be a viable end of year target.
Oilex (OEX)
A relief rally looks to be in place after a higher November low above 3p versus October.
After the latest wedge reversal we would expect a retest of the 50 day moving average zone at 4.86p.
The 20 day moving average now at 3.47p needs to be held to give credibility to the idea of any lasting recovery.
Strategic Minerals (SML)
The shares have rebounded sharply from an April wedge formation.
The best way forward now is probably to look to buy into any weakness towards the 20 day moving average at 0.33p, with only an end of day close back below the 20 day line delaying the upside scenario.
An initial target is towards the 200 day moving average at 0.68p is expected during December.
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