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« Queensland Resources Council for lifting a ban on uranium mining | Main | Potash: A Readers View! »

Khan Resources Incorporated: Up 23.81% Today!

Khan Chart 01 July 2008

Today Khan Resources Incorporated put on $0.20 to close at $1.04 on turnover of 163,000 shares traded. As we are not aware of any new developments we can only imagine that this move is part of the sporadic buying that we have witnessed over the last few months in the uranium sector.

On the 19th June 2008 the company had this to say about their interest in Western ProspectorGroup:

Khan Resources Inc. (TSX: KRI) announced today that its offer (the "Offer") to acquire all of the outstanding common shares of Western ProspectorGroup Ltd. for 0.685 of a Khan common share for each common share of Western Prospectorwill be extended to 8:00 p.m. (Toronto time) on Tuesday, July 15, 2008.With this extension, Khan's Offer will remain outstanding for 64 days. Not only does Khan believe that this gives Western Prospector and its board of directors more than adequate time to consider the Offer and any alternative transactions, but this also provides Western ProspectorShareholders with more than the 60 days requested by Western Prospector in its shareholder rights plan.

Although this does not explain today’s move as this news piece is a couple of weeks old.

Taking a quick look at the chart we can glean the following:

A large jump in the stock price on a moderate increase in volume, nothing dramatic here. The stock price has now moved above the 50dma, which is a start. A nice crossover by the MACD, which should be positive for the stock going forward.

Again we are not complaining and are extremely grateful for any advance in price of all uranium stocks.

We will continue to look for value and bargain buys in readiness of the upswing. We are also taking a look at the possibility of trading a few options in this sector in order to capture a little leverage when a uranium stock gets its turn in the sun. However the stocks are thinly traded as we all know and the trading in the options arena is also pretty thin, but we will see if we can uncover the odd profitable trade.

Have a good one.

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