Crosshair Exploration & Mining Corp. – Still Holding

Recommendation: Hold

Crosshair closed last week at $3.27, and I said the stock had made a great run, which will eventually run out of steam, but since it’s going up, I’m still holding.

This week it closed at $3.75, so we had a great run this week. That’s great, but the chart is looking like a flagpole formation (and you don’t need to be a technical analyst to figure that out), and the MACD is also in very high territory, so we are probably getting close to time to take some profits.

The original play was to hold this stock until The Dines Letter recommended it (Mr. Dines mentioned the stock and published a chart of it two issues ago, but hasn’t recommended it yet, presumably because he is waiting for a pullback). Since the pullback hasn’t happened, he hasn’t recommeneded it yet, I assume.

My plan: I will set a mental stop loss at $3.25; if it falls to that level I will re-evaluate and decide if selling half or all of the position is warranted. For now, hold on and enjoy the ride.