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     jimmyswell
Member
Username: jimmyswell
Post Number: 148
Registered: 07-2006Rating: N/A
Votes: 0
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| | Saturday, December 08, 2007 - 04:20 pm: |  
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Dug and Capt Chaz suggested that pos(t)ers in the weekly competition post a dedicated thread. Since tracking this selection's progress might be instructive, I'll give it a go.
I selected BLK because it had a volume spike early last week, which resulted in a "please explain" from the ASX. Then late in the week, the price spiked as shown in the chart. Is the reason something more than just volatility in the price of coal? The next few weeks will decide.
Other TA factors that appeal to me include:
1. The cross-over of short term MAs
2. The slight upswing in long term MA
3. The price sailed through the recent resistance point around 90c.
4. There is some upside before it starts to test the next most recent high of $1.40.
5. ADXs crossed over in the past week.
I don't hold BLK but may get in if there is a retrace during the week.
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dug
Member
Username: dug
Post Number: 2698
Registered: 07-2005
Rating: N/A
Votes: 0
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| | Saturday, December 08, 2007 - 04:49 pm: |
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The Volume may be Spiked but it's ONLY 350,000.
Don't send me off with a DYOR,jimmy's well
but is this been Floated within the last year?
Or has it limited shares on issue?
At $1ish BLX has some claims to being "interesting" to d'Respectable.
Like it's not some 10cent Wonder with halfa Billion Shares out there.
Even say Hilarius won't quickly dismiss a $1 share
especially if some Angle/Story goes with it.
Coal,you say,Jimmy.
Is BLK doing something "Good" in Coal?
like they[blk] COULD/MAY/Might have a Go at a Discovery of that Type of Coal that Burns Hottest,makes the finest steel,that no matter what they THEY dream up in Bali,BLK could have the Coal that will never NEVER go away,like Scorned?
Now,jimmyswell,IF it was a Play at THAT Coal?
well,dreams could come True.
ps-you are avatared after Jimminy Cricket right?
nix d'Dean?
Even 'til Jaded.
Dig for the sake of it.
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dug
Member
Username: dug
Post Number: 2699
Registered: 07-2005
Rating: N/A
Votes: 0
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| | Saturday, December 08, 2007 - 04:57 pm: |
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Even 'til Jaded.
Dig for the sake of it.
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jimmyswell
Member
Username: jimmyswell
Post Number: 149
Registered: 07-2006Rating: N/A
Votes: 0
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| | Sunday, December 09, 2007 - 10:13 am: |
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Thanks Dug, for the provocative and interesting points.
I didn't go into detail about BLK's projects or shareholding distribution to avoid claims of (gasp) analytical fundamentalism or (whisper) ramping. But I did look into the following info before selecting.
They floated 20M shares in Oct 06 at an issue price of 20c. Directors already held 5M shares at the time, so that makes the "limited shares on issue" of 80% (ie 20/25) of the total available pool. Trading volume is lean but the relative number of days where they don't trade is fairly low for a small explorer.
Their website http://www.blackhamresources.com.au lists 3 projects.
One is a gold reserve near Kalgoorlie called Carbine North.
Second is 604M tonnes of coal deposits near Esperance called Scaddan North. They bought up some expired licences in Mar 07 which were "endorsed" by a mineralisation report from Wesfarmers.
The third is a Russky coal project where BLK is 60% teamed with russian partners called Thunderbird (meep meep, coyote). If they're brave (?) enough to engage that shadowy and mysterious world of the ex-soviet resources sektor, then there will be sufficient market curiousity for me to add BLK to my watchlist.
Their response to last Tuesday's ASX speeding ticket said "The Company... ...can only assume that this is due to the increase in the price of coal". I never know how to interpret management double-talk - it's a lame explanation and I don't really buy it.
In response to your comment about Avatars, I put them together with ringtones, bumper stickers and logos on t-shirts. Not for me. There is already enough clutter out there without adding my personal brand.
Although Jiminy Cricket is an interesting idea. If you look at some of my past selections and former ownership of Stellar Res (SRZ), I can be fully accused of wishing upon a star.
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dug
Member
Username: dug
Post Number: 2703
Registered: 07-2005
Rating: N/A
Votes: 0
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| | Sunday, December 09, 2007 - 02:17 pm: |
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Well jimmy,a Blink at this Announcement-wise gives me two possibilities for that Volume Spike
1]Some Tip Sheet that costs hundreds of $$$ to subscribe to[so it must be good!]has muttered this last Tuesday
[done a Rene Rivikin]
or
2]There's some movement further on that 5/7/07 one about the Sophisticated Investors fronting up $40 mil at $1/share, IF the rusky coal deal is a Real Go not a Gunner.
I still think that all coal ain't Desired Coal.There's some Coal Mine in Qld that has the Best Grade but I don't know which one!! If we could find out then we'd have some kind of LayPersons Geology to act as a contrast to BlackHam's Esperance and Rusky coal samples.
Like you,jimmy,not many members fill out their profile with Age and Occupation.That ain't too Swell!! like one can't "zero" in on who to Ask such Technical questions.
You know of any Geologists on this Forum,jimmy?
cheers,thanks for bringing this share to attention.It's got some merits worth further investigating but Coal is not too rare and has a "dodgy" future.
Even 'til Jaded.
Dig for the sake of it.
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sittingduck
Member
Username: sittingduck
Post Number: 40
Registered: 11-2004Rating: N/A
Votes: 0
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| | Sunday, December 09, 2007 - 07:47 pm: |
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Can't make steel without coal.
I'm not a big fan of coal for power, but without coal we can't make steel, so it's always going to be needed.
Your point about grade will make more and more difference though, I think. I can see benefits for better quality coal in the form of emissions trading etc coming about due to Kyoto signing and whatever comes after Kyoto.
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dug
Member
Username: dug
Post Number: 2704
Registered: 07-2005
Rating: N/A
Votes: 0
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| | Monday, December 10, 2007 - 11:11 am: |
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Anthracite is the Desirable Grade of Coal[coal grades google]-Greater heat with little Smoke.
Lignite is "rubbish" and bituminous so so.
There seems to be only these Three Grades.
cheers.
Even 'til Jaded.
Dig for the sake of it.
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dug
Member
Username: dug
Post Number: 2712
Registered: 07-2005
Rating: N/A
Votes: 0
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| | Tuesday, December 11, 2007 - 10:39 am: |
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so jimmy and sitting,
seems our BLK did a Cazaly picking up Westfarmers Coal Tenements due to slow renewals.It is only brown Lignite though.Was it worth it for the Aggro that WES will want to "Revenge"?
This Russian Deal-The Energy Play [or whatever they call it] All secret,I haven't actually found any specific reference to Coal.Could it be Gas + Coal?
Still a Placement of 40mil at a $1 in a 29mil current Listed Share base shouldn't cause too much pressure on Blk to return to a $1 WHEN/IF it happens.
It's got a bit of a whiff of WA spiv/spin about it,this Blackham Resources.
White shoe wearing "Entrepreneurs",probably they're Gucci Loafers this Century.
cheers.
Even 'til Jaded.
Dig for the sake of it.
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jimmyswell
Member
Username: jimmyswell
Post Number: 150
Registered: 07-2006Rating: N/A
Votes: 0
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| | Wednesday, December 12, 2007 - 09:09 am: |
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Yes, I agree that there is something a bit "speculative" about them.
Yesterday (Tue) was a quiet day for BLK, down a bit to 1.085 with a doji candle.
There seems to be some downward pressure in this morning's prices (buy $1.01, sell $1.08).
White gucci loafers trudging through red square - sounds like a Ludlum novel.
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jimmyswell
Member
Username: jimmyswell
Post Number: 152
Registered: 07-2006Rating: N/A
Votes: 0
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| | Saturday, December 15, 2007 - 05:05 pm: |
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An update one week further on....
The retracement happened mid-week as I speculated on the last line of my original post. Some astute trader picked up a parcel for $1 on Wed, but it wasn't me. It went on to close at $1.11, which was 1c above its opening price for the week.
Friday was significant because it was BLK's strongest day for the whole week, on the same day that the ASX lost over 100 points (~1.6% down).
Elevated volume and rising ADX suggest that there's a bit more upward momentum in the week ahead, given the positive close in the US on Friday.
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jimmyswell
Member
Username: jimmyswell
Post Number: 155
Registered: 07-2006Rating: N/A
Votes: 0
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| | Saturday, December 22, 2007 - 02:37 pm: |
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Summary for the week ending 21DEC07.
Three green candles, lowering volume and weak ADX does not yet an uptrend make. Will just keep an eye on it to see if price closes above $1.
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dug
Member
Username: dug
Post Number: 2754
Registered: 07-2005
Rating: N/A
Votes: 0
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| | Saturday, December 22, 2007 - 03:40 pm: |
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Thursday was a Good Bounce.Volume,do you see it?
This has limited shares on Issue at the Present.
$1 is the proposed Placement for a 40 mil Increase.
jimmyswell,I'm watching this too.
Thursday showed that there is Interest
even though these are not the Best of Times.
Like in the comp,jimmnyswell
and how Minor Gains have been the Winners for a Month
I wonder,hey,"cricket"
if this is a sign/comment
from ya song
Makes No Difference WHO you are? bit.
How about a Xmas Cut'n'Paste of the Lyrics to the Tune?
When you wish upon a Star....
it'd show a Spirit beyond Ironic?
Even 'til Jaded.
Dig for the sake of it.
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jimmyswell
Member
Username: jimmyswell
Post Number: 156
Registered: 07-2006Rating: N/A
Votes: 0
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| | Sunday, December 23, 2007 - 03:38 pm: |
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I noticed the bounce on Thu but am not gutsy enough to call it a resumed up-trend. My cautious nature awaits a close above $1.
In response to your request, here are some mashed up lyrics set to the tune of "When you wish upon a star" -apologies to the Disney monolith, or whoever owns the copyright.
- When you wish upon a share
- Be you bull or be you bear
- You need the price to go somewhere
- If flat, you're screwed
There's my concession to a non-ironic holiday spirit.
The thing is, only fossils like me would even remember how the song goes.
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jimmyswell
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