Tuesday, 17 October 2017

Trade Alert: Recon Technology Looks Ready For Another Rise

We are issuing a trade alert on Recon Technology, Ltd. (RCON) which we think will increase in price over the next several days. Chinese nanocap stocks have been hot recently. Cleantech Solutions International, Inc. (CLNT) and LiNiu Technology Group (LINU) have moved up drastically over the past several sessions. Even though recent news events were interesting, they wouldn't usually justify such extreme price moves. RCON has also moved up a lot on a bit of light news, more than doubling on Monday after announcing a sewage treatment agreement in China. It pulled back 8.5% on Tuesday to close at $1.95.

Why do we think RCON is due for a push back up? There are several similarities between RCON, LINU and CLNT:

  • All three stocks have extremely small floats and have market caps of less than $20 million.
  • All three stocks are based in China or Hong Kong. 
  • All three have spiked on little or no news in October.

Have a look at the price history of CLNT:

And now the price history of LINU:

And here is RCON over the past couple of days:

On October 9, CLNT more than doubled to $6.52 on 16.6 million volume. The next day it dropped 25% on a little more than 1 million volume. Over the next few days it stabilized and hit as high as $5.80 on October 13.

LINU has fared a lot better. It more than doubled to $2.35 on nearly 40 million volume on October 6. The next trading day it dropped 35% to $1.54 on 4 million volume but went right back up again the next day, increasing 44% to close at $2.21 on 8.5 million volume.

RCON more than doubled to $2.13 on 22.3 million volume on October 16. Out of these three it actually has fared the best on Day 2 of the run, dropping only 8.5% on 4.6 million volume. RCON looks like a very strong candidate to bounce back based on Tuesday's strength even after a huge run and how those two very similar examples from the week prior recovered substantially from their Day 2 drops.

A quick note on DGLT, which was our pick from last week when it was trading at 30 cents. The company gave an update that the LOI between itself and Urban FT expired but that the two are still in talks looking to get a merger deal done. We continue to hold the stock.

If you like our picks make sure to follow our blog by clicking the follow button on the top of the left hand panel. We are up to 318 followers despite not giving out a lot of alerts, a fact that we think is indicative of a diligent and prudent stock picking history.  If you would like to share this blog, make sure to use the URL "nasdaqnewsreports.blogspot.mx" as certain spam filters on social media don't let you post blogspot.com addresses.

Disclosure: We are long RCON

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