Gold exploration and mine development company Genesis Minerals Ltd (ASX:GMD) has caught the eye of Wealth Within chief analyst Dale Gillham and senior analyst Fil Tortevski and is their HotCopper Hot Stock tip this week.
Mr Gillham said he was excited by the bullish price pattern and warned investors not to get too skittish on the opportunity just because it’s in unknown territory.
“The right space on the chart, the white space, that’s where you make the money. You don’t make the money last week because you can’t get yesterday’s returns but when we’re breaking through highs, we see people do that,” he said.
“I love the stock at the moment,” Mr Gillham added. “It was really good.”
“Now that we’re breaking out into blue skies, with a stock like this once it gets going it can really shoot off,” Mr Tortevski agreed.
“Look how strong the reversal is in October. That, to me, signifies a nice pullback in rhythm to everything we’ve been seeing through the past two years. If you can get in before that euphoria, that’s going to mean a fantastic trade for these kinds of stocks.”
Genesis Minerals dropped 1.01% today to $2.44.
Proceed with Caution
San Diego-based tech company Incitec Pivot (ASX:IPL) was the “Proceed with Caution” stock tip this week – Mr Gillham described it as “very cyclical” but said he likes it should the price break through that $3.20 ceiling.
Incitec Pivot traded down 0.9% today at $3.10.
Not Hot
Today’s “Not Hot” stock is Bapcor Limited (ASX:BAP), with Mr Tortevski pointing to the automotive aftermarket parts provider as “clearly in a downward trend.”
Mr Gillham warned Bapcor is “quite weak” right now, with further downside likely to happen sometime in the near future too. “I would expect this coming week for it to be down and breaking through that low.”
This show comes in the lead-up to the Wealth Within live YouTube show tonight at 7pm AEDT.
You can join conversations around Wealth Within’s tips on HotCopper here.
Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au
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