CLICK THE IMAGE BELOW TO VIEW TODAY’S VIDEO
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:
Great Western Mining (GWMO)
The shares are displaying a possible resumption of the September break to the upside from below the 200 day moving average at 0.99p.
While there is no end of day close back below the 200 day line one would be looking to a journey to the top of an April price channel at 1.6p by the end of next month.
Only cautious traders would wait on a clearance of the 1.2p early October resistance zone as a buy trigger for a new leg to the upside.
Karelian Diamond Resources (KDR)
Karelian Diamond shares have been delivering a likely extended base on the daily chart since July.
The latest price action is a bear trap rebound from below the former July support at 1.14p.
While there is no end of day close back below the 10 day moving average at 1.27p the upside for Karelian should be towards the May price channel top / 200 day moving average at 2.18p over the next 4-6 weeks.
Leni Gas & Oil (LGO)
The shares look to have finally rebounded off the floor of a rising trend channel from April at 3p for the end of this week.
The best way forward now is probably to look to buy into any weakness towards the April line.
Only an end of day close back below the 2014 price channel floor would delay the prospect of a rebound to as high as the initial October support at 4.67p over the next 2-4 weeks.
Quindell (QPP)
Although it may not be wise to automatically assume the end of the recent bear run, what has been noticeable in recent months is that there have been relatively strong rallies from the lower levels.
The latest bounce comes off a June support line at 123p and above this could lead to the 50 day moving average zone towards 160p over the next 2-4 weeks.
Only cautious traders would wait on an end of day close back above the September 136p floor before taking the plunge on the upside.
SEE ZAK PRESENT IN LONDON ON TUESDAY 21st OCTOBER
FOR MORE INFORMATION AND TO BOOK FREE TICKETS