Pre Market
OIl back Above $80 Tests 200MA DXY Holds Above $104
UK internals getting weaker suggesting some selling ahead - FTSE 250 has had 6 sequential closes below its 21EMA and is retesting the 50MA to the downside: continued strong oil will likely to push this to sell off as a proxy for inflation and the impact rising oil prices have on the Travel Sector
Ones to Watch
Pemier African minerals Chart PREM
Has been on a rip of late and updates with a Mineral Resoruce Statement Which does look likely to support the move higher - RNS here
Accordingly, we expect to receive a premium for spodumene concentrates produced at Zulu and this further supports our determination to bring this plant into production now. Whilst we do not have the ability to recover tantalite at present, relatively minor plant additions that are under consideration are expected to see production of Ta2O5 concentrate in the future.
At the same time, I am pleased to note the arrival at site of all plant components and in particular the arrival and installation of the new ball mill. Assembly is expected to complete within the next weeks. Optimisation of the sorters is ongoing, and we expect the overall plant to be back in production during February 2024."
rt
Price has rallied to resistance so breaching 0.4p on volume is key for the move to continue north
Update 09:15 - Sell the News
Chart resistance has it - sells down -11% to check back to the 8EMA and previous resistance trendline around 0.3p - may well rally from this : given its below its 200MA and overall market is not strong this is not one to pursue as reversal plays don't tend to do well if overall sentiment isn't very bullish
Trade Idea ARB on BTC breakout
Argo Blockhain Chart ARB
High spec play on the Bitcoin breakout as BTC has three consecutive big green days clearing $46000, ARB is poised to follow : two gaps on the charts with a vol squeeze in play offers a 17p entry with plenty of upside potential; order book looking healthy this am for a few trades into this . Not the prettiest chart and one I have traded many times in the past from 3p up to the dizzy 320p heights so plenty of overhead resistance . Healthy build-out in the volume profile from 13-17p should build a platform with overhead around 20p which may provide resistance then fairly clean air to 30p into the Dec '23 high around 36p which would likely see selling if tested. Move north obviously dependant on BTC performance
12:15 Update partial Take Profit at 20p Target
took off some Arb from the 17.0 Entry at 20p intermediate target for a partial take-profit as it was up 31% on the day and +22% from entry - allowing the rest to run : vol squeeze fired long confirmed on the daily so should continue north with potential opps to add ither on more strength or more likely from reloads off pullbacks to Fib retracements of the breakouts: analysis to follow
