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Thursday
Jul262007

RPT Uranium: Needs to Find a Bottom Before We Buy

We signalled a BUY on RPT Uranium in February when the stock was trading at around 40 cents. We signalled a SELL four months later for a 47.6% profit as technically RPT looked as if it was due a pullback.

RPT Uranium: Needs to Find a Bottom Before We Buy

We may have sold a little early, but in doing so we have saved ourselves, and hopefully many of our readers, a loss of 27% as RPT is now down 43% from its high.

Although this is quite a pullback, we are looking for RPT to find a support and make a bottom before we buy this stock again. Recently we wrote in our technical analysis that RPT was a still a fair way from its 200dma and although it is a lot closer now, we would prefer for it to be below or on the 200dma line.

The MACD, RSI and STO technical indicators are yet to give us a positive signal on RPT as the MACD and RSI continue to fall without any support. Overall, we are looking to RPT to find a bottom and preferably consolidate and form a base before we mark RPT as a BUY again. Perhaps the 200 day moving average will provide us with the support line, but for now we are simply spectators on this stock looking for an opportunity to become speculators once again when the time is right.

RPT Uranium trades as RPT on the TSX Venture.

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