After some fairly decent drilling results, shares in RPT Uranium lost 9.38% yesterday, taking loses of the last three trading sessions to over 17% and loses in the last five sessions to 22.67%.

We sold RPT Uranium at $0.62 as it looked very spiky, it has now dropped back to 58 cents so perhaps an opportunity to re-enter the stock may present itself soon.

It was always our plan to buy RPT back after a drop which we thought was imminent. However, from looking at the chart we see that although RPT has fallen back to its 50dma, it is still a good 15 cents away from the 200dma. This may not sound like a lot but every penny counts in small stocks like RPT as 15 cents is more than 25% at current prices.

When RPT continued to rise despite the sell off in uranium stocks, we saw this a very positive sign as it showed investor confidence in this stock despite less optimistic attitudes for the rest of the sector.

Therefore we still like RPT and hope to buy it back some time in the future when this current pullback is over. We shall watch for sign of consolidation and perhaps a bottom being formed and keep our readers fully posted.

RPT Uranium Corp trades as RPT on the TSX Venture.