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« Santoy Resources Ltd: Keep an eye! | Main | Denison Mines Corp: A Buy, but not yet! »
Sunday
Jan282007

Crosshair Exploration & Mining Corp: Not good enough!

Crosshair has been a little disappointing since hitting a high of $4.00 recently and has suffered at the hands of the profit takers.

If you cashed in when this uranium explorers stock price had doubled then well done, you are smarter than us, we expected a much faster recovery that what we have seen so far.

From the chart we can see that the technical indicators are in or heading into negative territory, which should tell us that, the selling spree is now over. However we will watch the performance of CXX much more closely now as in the last 10 days or so the volume has dropped off considerably.

cxx28jan07

As you know we were buyers up to the £2.00 level and CXX is now at £2.85, which is a reasonable profit in a short time, and we do not want to sit here and watch it all dissipate. If the fall continues then will put a stop loss on it at around £2.50.

There times in any investment situation when the behaviour of a stock does not make a lot of sense, so even if we do not know the reasons behind the decline we may need to take some protective action. Moving our cash back on to the sidelines may not be a bad thing; it is a fine balance between that and playing a ‘patient’ game that we wrestle with.

If you have any thoughts then fire them in!

Have a great week.

28 January 07

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