Though the Dow is hitting new highs today, the longevity of the recent strength is still in question. As such, it's wise to trade both sides of the market - or at least be aware of the direction of each stock's pressure. Here's a closer look at Mexoro Minerals Limited (OTC:MXOM), Lake Victoria Mining Co Inc (OTC:LVCA), and Viking Systems, Inc. (OTC:VKNG).... three of today's better trading ideas.
Our last look at
Viking Systems, Inc. (OTC:VKNG) was on
November 19th. My view then was that the rally was over, and that a doji bar signaled the beginning of a downside move. I've not been disappointed.
At the time, Viking Systems shares were at $0.73. As of right now, they're at $0.42... a 42% dip. Is the worst over for VKNG? I'm not so sure. There's still plenty of selling volume, suggesting more downside is likely though.
The key here is support at the 61.8% Fibonacci retracement line. It's also at $0.42. Viking Systems reached a low of $0.36, but the fact that VKNG rebounded a bit hints that there's some indecision now. Whichever side of that level we see two or more closes on is likely hint at the beginning of the next leg, bullish or bearish.
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The daily chart of
Mexoro Minerals Limited (OTC:MXOM) shows some decent bullishness. The weekly chart though, shows a massive upside opportunity.
Over the last five weeks, Mexoro Minerals Limited shares have moved above what had been resistance at $0.40. And, they've done so at a moderated, sustainable pace. Most importantly, MXOM has continued to move higher on stronger volume.
I think there's a ton of upside potential with Mexoro Minerals Limited. These slow, bowl-shaped reversals tend to get traction when other reversal patterns don't. I can see MXOM getting well above $1.00, though bear in mind it could be a multi-month proposition.
Lake Victoria Mining Co Inc (OTC:LVCA) is just a quick swing trading idea, but a good one. It might be good for a 50% (possibly more) gain over the span of a several days.
In short, Lake Victoria Mining shares are pushing off a long-term support line. And, they're making a move off that line on major volume. If LVCA repeats it s recent history, we could see a move to anywhere from $1.00 to $1.75.
Don't misunderstand - LVCA is already overbought by some measures, making this something of a coin toss. Given the risk/reward were facing here though, I think Lake Victoria Mining is a decent speculative bullish idea at its current price. Use a short leash.
If you'd like to know of any changes in our opinion of VKNG, LVCA, and MXOM, be sure to Sign-Up for our FREE weekly Small Cap Network Newsletter TODAY! Identify quick changes in current market activity and receive timely trading ideas aimed at maximum ROI. Click Here to learn more...
