Wednesday
Nov222006
FRONTEER DEVELOPMENT GROUP: Sell 1/2
Wednesday, November 22, 2006 at 11:12AM
We had previously invested in FRG at $4.70, on the 24th July; today we sold 50% at $9.12, taking a profit of 94%.
At this point we have decided to take some money off the table not because we think that FRG is a bad company, far from it we think it is a fantastic company. However, on this occasion we are letting prudence rule!
Just take a look at the chart.
FRG stock price is way above its own 200 DMA for comfort. MACD, Stockastics and the RSI are just too toppy for us at the moment. Volume has been high but would appear to be falling.
Fronteer trades on both the Toronto and AMEX under the symbol of FRG.
If you have decided to stay with Fronteer then good luck to you.
Also, make no mistake about it we are still holding 50% and will be back with further investments into FRG if we are lucky enough to get a ‘DIP’
22 November 2006
At this point we have decided to take some money off the table not because we think that FRG is a bad company, far from it we think it is a fantastic company. However, on this occasion we are letting prudence rule!
Just take a look at the chart.
FRG stock price is way above its own 200 DMA for comfort. MACD, Stockastics and the RSI are just too toppy for us at the moment. Volume has been high but would appear to be falling.
Fronteer trades on both the Toronto and AMEX under the symbol of FRG.
If you have decided to stay with Fronteer then good luck to you.
Also, make no mistake about it we are still holding 50% and will be back with further investments into FRG if we are lucky enough to get a ‘DIP’
22 November 2006
Reader Comments (2)
I suggest readers take a look at this link before buying this stock. I think it's something to keep in mind. I've seen similar things happen with solar power stocks and ethanol stocks.
tinyurl.com/y6aew9
Alternative energy ideas come and go as we have seen before with uranium. It was popular until an accident happens and then on one wants to know. Will it be different this time? We think so purely on the basis that the other alternatives just cannot meet the demand.
Even so,we did take 50% off the table when FRG more or less doubled.
Keep an eye on uranium, this could be the big one for the next two or three years!