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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:
Concha (CHA)
After a sharp breakdown last week there has been a rebound off the floor of a September rising price channel towards 5p.
The latest price action could mean a move towards the November resistance zone at 7.5p plus.
Only cautious traders would wait on an end of day close above the top of the second November gap to the downside at 6.15p before going long.
Fitbug (FITB)
Fitbug shares are attempting to regroup after the sharp retreat from 25p plus.
The best way forward now is probably to look to buy into any weakness towards the 20 day moving average at 10.96p.
Only cautious traders would wait on a clearance of the 10 day moving average at 13.77p on an end of day close basis before going long again and targeting November resistance.
Goldplat (GDP)
We have an extended 2014 base which appears to be a robust setup.
While above the current higher November low at 3.13p the best scenario would be for a retest of the 200 day moving average at 4.23p.
The favoured scenario is that there will be a relatively sharp break to the upside over the next 2-3 weeks.
Sovereign Mines of Africa (SMA)
We have an extended base towards 0.5p after the massive September gap to the upside and spike for the shares.
While above the 0.5p zone there is the chance of a decent rally towards the 1.5p plus autumn resistance.
Cautious traders would wait for an end of day close back above the 0.71p level of the 50 day moving average before going long.