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« FRG: Ascending Triangle Formation | Main | RPT Uranium: Nearing a Buy Again »
Wednesday
Jul182007

Laramide: Formed a Rounded Bottom and Now Forming an Uptrend

About a week ago, we wrote that “Laramide looks to have formed a rounded bottom formation. This technical formation usually suggests a change in trend from downwards to upwards.”

Laramide: Formed a Rounded Bottom and Now Forming an Uptrend

Now the rounded bottom formation is clear and a new technical pattern is emerging as Laramide builds a new uptrend.

Laramide Resources found a bottom at $9.21 and consolidated for a while before beginning to make a turnaround and forming a rounded bottom. A rounded bottom formation usually anticipates a change from a down trend to a uptrend. Over the last few months, having fallen over 44%, it was clear that Laramide Resources was in a short term downtrend. Now, however, it appears to have changed direction and as the rounded bottom indicated and as we predicted, Laramide is now moving into an uptrend.

Laramide Resources has its flagship project is Queensland, Australia where uranium mining is not yet permitted. However this may be changing, Please read our recent Queensland Update and John Howard article for more details. The fact that uranium mining is not allowed, puts many investors off Laramide, but we are confident that uranium mining will eventually be allowed. Since the beginning of 2005, Laramide is up nearly 1000% and in the last year, despite the dramatic 44% correction Laramide Resources is still showing s gain of nearly 100%!

Australia still had the Three Mines Policy while Laramide made those gains and we think that Laramide will continue to make large gains even if the policy stays in place, as investors we think that eventually the government will allow uranium mining. We continue to own Laramide Resources and keep it as a BUY in out Uranium Stocks Portfolio.

Laramide Resources trades as LAM on the TSX.

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Reader Comments (2)

Guys,
This site is a history of uranium stock and trends. When I see articles that are 3 yrs old in the news menu, you got to be kidding. Is there not anyone maintaining the site? Flush the garbage and post useful information.

April 27, 2009 | Unregistered CommenterIan

Ian,

Some time ago our readers asked us to group together articles about a particular company so that they didn’t have to search the whole site to see what we had written in the past about that company.

So we came up with the idea of relating articles by the company name, which works well for Cameco as the system then groups together those articles about Cameco.

However for articles of a more general nature the system does not work so well. Hopefully we can improve on it in future.

Best wishes,

Bob

April 27, 2009 | Unregistered CommenterUranium Stocks

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