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Friday
Jul132007

Strathmore Minerals: Found a Bottom and Consolidating

Having fallen over 27%, Strathmore Minerals appears to have formed a bottom and found support at around $4.00.

Strathmore Minerals: Found a Bottom and Consolidating

It is now consolidating and looking to rise in the next leg up in the uranium bull market.

All uranium stocks have had a dramatic sell off, a correction that was due because of the dramatic increase in stock price in many uranium companies.

After a correction, stocks usually have a period of consolidation before moving onwards and upward in another rally of their bull run.

Well we have seen the sell off, and now many stocks have found a bottom and are consolidating.

Laramide has begun consolidating
as has Mega Uranium and many other uranium stocks. Still to find a base and consolidate are companies such as Uranerz but this phase is spreading throughout the uranium sector and so it will reach all uranium stocks eventually.

But Strathmore has done this now which is a good sign as the stock can construct a base upon which it will build the next leg up of its bull run.

About ten days ago, in an effort to create more shareholder value, Strathmore announced they were going to spin off their non-core assets into Fission Energy Corp, a new company. We have yet to decide whether we will continue to hold Fission, but we shall probably remain shareholders in Strathmore Minerals.

Strathmore Minerals Corp trades as as STM on the TSX Venture Exchange.

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