Aug 27, 2010 10:04 AM PDT
Though one could make the argument that BMB Munai Inc. (KAZ) was still trapped in a range, we'd view the ceiling at 96 cents more so than anywhere else. As such, Friday's close at $1.00 is indeed a major step in a bullish direction.
Even if the horizontal boundary hadn't been broken though, we'd probably tilt to bullishness on KAZ. Over the last nine days, buying volume has gotten strong and stronger.
Bigger picture, the base that BMB Munai set up at $0.75 was a very healthy one, allowing for the current breakout move. We're targeting a move back up to resistance at $1.90 for KAZ shares.
Purespectrum, Inc. (PSPM.PK) is hanging on by a thread. Over the last two weeks, we've seen a support line develop at $0.30. The pressure on it is mounting though, and we expect it to crack soon. Note that Purespectrum shares - even if they don't fall under that floor now - are still range-bound between $0.30 and $0.40. Whichever side of that zone breaks first, it should be trade-worthy. It's just that the overall trend seems to favor a downside move.
If it does break, there's not another floor for PSPM until $0.12.
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We're taking today's blastoff from Repros Therapeutics Inc. (RPRX) at face value, and saying there's a lot more upside to go now that the bulls have shaken the stock out of a bearish rut. Volume was huge, and any bearish trend lines were decisively snapped. Something else Repros Therapeutics shares have going for them....a couple of gaps. The market might let one slide, but there are actually three that need to be filed in from the last four months.
As for a target, let's just start conservatively and use the first Fibonacci retracement line at $5.76. That's not to say RPRX will stop there; we'll just reassess the trade then.
And finally, mPhase Technologies, Inc. (XDSL.OB) made a very subtle - almost imperceptible - move this week that could be an omen of a bigger move higher.
Though the September pullback had been mild, we were generally expecting mPhase Technologies shares to revisit a major support level at $0.02. And if they did, no big deal... it probably would have held XDSL in its range.
Instead, what we saw in the latter half of this week was a very mild push higher, on slightly higher volume. No fireworks or theatrics - just somebody flowing in with a decent amount of cash.
Given the recent history of the mPhase Technologies chart, we're going to go ahead and call this one bullish. Our target's the recent ceiling of $0.05
If you'd like to know of any changes in our opinion of PSPM, KAZ, XDSL, and RPRX. (or if we officially recommend them as trades), be sure to sign up for our free newsletter today. It's delivered 2 to 3 times per week.
