Zak Mir Video Blog On Bulletin Board Heroes: Bushveld Minerals, Oilex, Rockhopper Exploration and Xcite Energy
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Spreadbet Magazine editoZak 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:
Bushveld Minerals (BMN)
The shares have rebounded with what could be a key higher low for November just under 3p versus the 2.58p October floor.
The likelihood now is that we shall see another attempt at breaking the 50 day moving average at 3.39p.
The target over the next 2-4 weeks on any 50 day moving average break is seen as being the top of the falling 2014 price channel / 200 day moving average at 4.14p. The stop loss is an end of day close back below November support at 2.9p.
Oilex (OEX)
We have seen Oilex shares go into consolidation mode after a sharp gap down through the 4p level for October.
The latest price action suggests a possible exhaustion gap fill reversal.
Cautious traders would wait on a clearance of the October gap at 4.12p before targeting the main 6p 200 day moving average resistance zone.
Rockhopper Exploration (RKH)
The shares look to be a very positive triple bottom set up since the beginning of last month from the sub 70p area.
The best way forward now is probably to look to buy into any weakness towards the 20 day moving average to buy into in the wake of a near term base being formed.
An initial target is towards the August price channel top at 100p over the rest of 2014, with cautious traders waiting on a sustained recovery of the 50 day moving average at 81p before going long.
Xcite Energy (XEL)
A higher low above 40p for November couples with recent support above the 10 day moving average at 42.75p to give a positive recovery picture at Xcite Energy.
An end of day close above the 50 day moving average at 51.77p is the technical buy trigger for the cautious.
The upside is seen as being the top of the falling 2014 price channel at 60p over the next 2-4 weeks.
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