Capital raising sees sellers come into the action so time to close

LCK does a sneaky Capital Raising that 14% below market and sees sellers come into the action. Closing the position at market as we expect the extra liquidity to push price down to the cap raising of 22.5.

Alert History

Previous Alert 12/07/19

Price kicked higher on LCK to trigger the buy entry level at 0.28 so the alert is now active. The Stop Loss is held at 0.225 and the current market is trading at 0.27.

Original Alert 12/07/19

New Buy Entry Alert LCK

Time Frame : Daily

Sector : Energy

Key Stats : $139.78 Million Market Cap, VWAP 0.255, ASX Ranking 665, 4 Week Av Turnover $172,162, Current Turnover (Intraday as at time of alert) $40,440.

Company Overview : Leigh Creek Energy Limited (LCK, formerly Marathon Resources Limited) is an emerging gas company focused on developing its Leigh Creek Energy Project (LCEP), located in South Australia.

Broker Consensus : Not covered by a major broker

LCK – Leigh Creek Energy Limited

LCK has been contracting off previous highs and is now in a zone where we expect to see buyers jump back into the action off a higher low. Watching now for the volume to pick up as price holds higher levels. We are happy to buy on a push up through 0.28 and will hold the risk level and stop loss at 0.225. If price falls below 0.225 prior to entry, then we are happy to cancel the alert and re-assess the action.

Stock Code : LCK – Leigh Creek Energy Limited

Company Website : www.lcke.com.au

Current Price : 0.26

New Potential Buy Entry (Trigger Level) : 0.28

Potential Sell Exit Zone (Stop Loss) : 0.225

Status : On watch for buy entry trigger