ASX Top 10 Momentum Stocks: 14 July 2023 - Finer Market PointsASX:GMN NYSE:ARL NYSE:TNC NYSE:DTC TSX:MVP ASX:COB AMEX:EMC TSX:ERD ASX:PV1 NYSE:ICL
Momentum leading shares are the market's best performers today. They are the fastest-growing shares on the ASX over the last 90 days. These companies can't get to be leaders without first appearing on our Launch Pad list.
Today's ASX's Top 10 Quarterly Momentum Stocks are:
Gold Mountain Ltd (GMN): Gold Mountain Ltd is a copper-gold-molybdenum miner exploring deposits in the Papuan Mobile Belt (PMB) in Papua New Guinea and lithium deposits in Lithium Valley in Brazil.
Ardea Resources Ltd (ARL): Ardea Resources Ltd is a mineral exploration and development company focused on nickel, cobalt, and gold projects in Western Australia.
True North Copper (TNC): True North Copper is a copper and cobalt focused mining explorer in Queensland, Cloncurry, and Mt Oxide.
Damstra Holdings (DTC): Damstra Holdings provides workplace management solutions through integrated hardware and software-as-a-service (SaaS) solutions.
Medical Developments (MVP): Medical Developments manufactures and distributes pharmaceutical drugs, medical equipment, and veterinary equipment. MVP sells Penthrox drugs in the Pharmaceuticals segment and medical devices and veterinary products in Australia, Europe, and Asia.
Cobalt Blue Ltd (COB): Cobalt Blue Ltd focuses on cobalt mining and refining operations, with a technology to extract cobalt from pyrite and other host minerals.
Everest Metals Corp (EMC): Everest Metals Corporation Limited is focused on advancing mining projects in Western Australia. They primarily target precious metals, lithium, and base metals from their mine sites.
Eroad Limited (ERD): Eroad Limited provides telematics and fleet management solutions.
Provaris Energy Ltd (PV1)
Iceni Gold (ICL)
COB trade ideas
COB.ASX_Breakout Trade_LongENTRY: 0.870
SL: 0.755
TP1: 0.955
TP2: 1.070
- ADX>25
- Daily RS +ve
- Daily FFI +ve
- Weekly RS +ve
- Weekly FFI -ve
- Moving averages are aligned.
- Retracing since ATH in Apr 2022.
- Consolidating between 14 Jun to 21 Jul 2022 near 200EMA before breakout from range with volume.
- Entry today based on breakout and >3% rebound off 10EMA with volume.
COB - Trend+Vol Profile Long TradeThe only pure cobalt play on the ASX, secured a major project status for the Broken Hill cobalt project in New South Wales from Australia’s Ministry of Industry, Energy and Emissions Reduction. It is also important for the EV future.
Been running hot and looking to get in on the pullback. This stock usually has big pullbacks after big run ups, giving us opportunity to get in. Thematic is strong so I believe we may get more opportunities in the next few days.
Setup for the next entry is starting to look very good!! RSI starting to come down below 70, ADX (trend strength) is still strongly bullish. Big buying volumes of the recent run up, but low and reducing volumes on the pullback in the last 4 days which is what we want to see.
I've drawn Fib from the last low pivot to current high. Happy for an entry below the 50% retracement which happens to be a low vol profile node - I anticipate the pullback could move into the next high activity vol profile region (in white square).
An aggressive entry would be anywhere between the 50 and 61.8 Fib line if you want to make sure you get in before everyone one else. Like many of these type of EV themed explorers, the price is volatile and so you need to keep an eye on this pullback.
Will give an update after Mon or Tues to see how the price action goes.