Zak Mir Video Blog On Bulletin Board Heroes: Fitbug, GCM Resources, Nighthawk Energy and Quindell
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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:
Fitbug (FITB)
The shares have rebounded above the 6.1p gap floor of last week which is a significant bull event
The likelihood now is that while there is no end of day close back below the former 2010 12.5p resistance we shall see a partial or even full retest of the 25p plus high of November to date.
The timeframe for the upside argument is the next 1- 2 weeks, with any weakness towards the 12.5p level regarded as a buy opportunity.
GCM Resources (GCM)
We have seen GCM Resources shares rebound tentatively from a post October extended bear trap below the 200 day moving average at 22.3p.
At least while above the 200 day line one would be looking for further recovery.
The former August resistance zone as high as 35p plus could be a viable end of year target.
Nighthawk Energy (HAWK)
The shares have rebounded sharply from below the former March 7p support.
The best way forward now is probably to look to buy into any weakness towards the March low, with only an end of day close back below the 50 day moving average at 8.07p delaying the upside scenario.
An initial target is towards the September resistance / 200 day moving average at 10p is expected during December.
Quindell (QPP)
A relief rally looks to be in place after a 2014 support line rebound from below 50p.
After two gaps to the downside this month there is still the risk of a sub 50p retest.
The 10 day moving average now at 66p needs to be cleared comprehensively to give credibility to the idea of any lasting recovery.
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