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« Uranium Sealed Bids Auctions: No Deal! | Main | Ur-Energy Inc: Up 16.0% in 6 days »

Khan Resources Inc: An upside breakout!

Khan resources Incorporated would appear to have made an upside breakout over the last two weeks.

Khan Resources chart 23jun07

This uranium stock has been in a down trend since April 2007 until just recently when that trend was interrupted as Khan started to head north. Watching the stock action yesterday we noticed that Khan put on $0.20 for a gain of 4.33% in a single day, wonderful considering the sell off we have been through. Also worth noting is that the volume was not dramatically huge but a healthy 415,000 shares being traded.

Khan was trading above the $5.00 level in April and has since been savaged to hit a recent low of around $3.60. No doubt the volatility will continue through the summer until ‘normal’ trading begins in the fall.

In our opinion the savvy users of uranium are looking to lock in a reliable supply line before the competition gets the same idea. We have for example the take over of UraMin Incorporated by the French giant Areva. The others who for whatever reason were too slow to make a move for UraMin now have to find another enterprise that matches their needs. We doubt whether Khan Resources Incorporated can make it to the end of the year as an independent operator.

So, we will hang on to the stock that we have and may well buy more with the cash we have taken off the table by selling UraMin. However we are still researching other investment opportunities for our hard earned cash and will let you know as soon as we arrive at a decision.

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Reader Comments (1)

i continue to hold UEC, which is obtaining permits for their project in texas. also, i noticed that BRD.V has contracted with DNN, another of my favorites [with mines, mills, and contracts], to pjrovide materials to the DNN mill in utah. patience...

June 22, 2008 | Unregistered Commenterrichard mruz

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