The last couple of days have seen the broad markets move up in the early part of the day and then show quite a bit of weakness into close. Not surprisingly, our mining stocks have done the opposite, getting slammed in the morning and then rebounding into close, even with the price of gold taking a breather. In terms of our watch-list stocks, everything still looks intact for the week with many stocks drifting higher and others reversing off of lows. I just wanted to follow-up on a few charts that we have been tracking and mention a couple of other developing opportunities.
I pointed out the mini-reversal in BLDP on Tuesday and it followed through in a big way today, moving up close to 6%. The stochastics indicator (bottom panel) is just coming off of overbought so this could run for a while.
Yesterday I highlighted the reversal in CLIQ and it also followed that up with another strong day today. The stochastics are also favourable for further follow through here. The stop is in the $5.55 range.
NEPT has been behaving well and looks like it could make a move soon. I would place the stop under today's low in the $5.60 area.
DOL was on our watch-list a few weeks ago and I had not put it on this week's list because I figured that it would reverse at a lower level (perhaps near the 50 dma). It put in a decent reversal today, although it faded slightly into market close. It could drift lower again tomorrow but I also wouldn't be surprised if we see some follow through here. Either way, this is a very low risk trade if one uses the tight stop indicated on the chart.
WGO was not on our watch-list but perhaps it should have been, considering the recent strength it was showing. Today it popped nicely, which is pretty notable considering that gold was down for most of the trading day. I think this could run if gold has a solid day tomorrow.