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« Denison Mines Corporation up 17.13% Yesterday | Main | Mawson Resources Limited: Up 100% in a week »

Crosshair Exploration and Mining Corporation Quadrupled since July 2010

CXX Chart 25 Nov 2010.JPG

We kick off with a quick look at todays chart for Crosshair Exploration and Mining Corporation (CXX) which is another uranium stock that has done well recently and has quadrupled since July, gaining 25% today on heavy volume when 2.4 million shares changed hands. The RSI is standing at 80.72, which puts us well into the overbought zone so there might be a breather on the cards. The MACD and the STO are also up there bouncing on the ceiling which may entice chartist to take profits, however, this sector is on the move and could attract more investment over the short term.

Having purchased this uranium stock at $0.25 on 6th January 2009 with the view to participating in its recovery we are pleased to see it close at $0.45 today, to show a paper profit of around 80%.

On the news front Crosshair has closed a brokered private placement with BayFront Capital Partners Ltd. (the "Agent") to accredited investors of subscription receipts of Crosshair ("Subscription Receipts") for gross proceeds of $7 million. Upon satisfaction of the escrow release conditions set out below, the Subscription Receipts will be automatically converted (for no additional consideration) into units of Crosshair (the "Units") at an effective price of $0.70 per Unit, with each whole Unit being comprised of one post-consolidation common share of Crosshair ("Common Share") and one Common Share purchase warrant of Crosshair (a "Warrant").Each Warrant will be exercisable for one Common Share at an exercise price of $1.00 per Common Share until November 23, 2012.

To read this news release in full please click here.

Crosshair currently trades on the Toronto Stock Exchange as CXX and the NYSE Amex as CXZ.

Crosshair’s market capitalisation is $59.16 million with 131.48 million shares outstanding, the 52-week high is $0.47 and the 52-week low is $0.10 and is trading at $0.45 as we write.

During our knockabout sessions we have toyed with the idea of running an Accumulator whereby we make a trade and then use the total proceeds for the next trade and so on. So the stake and any profits are rolled into the next move, if you would like to comment on this idea, then please click here.

Over in the options trading pit the team have are updating the progress chart to include closed trades, now 52 winners and out of 54 trades, having been stopped out of a trade with a profit of 41.84% made in just 9 days.

sk chart 19 Nov 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today?

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

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