Crosshair Exploration & Mining Corp – Looks Like a Buy to Me

by JDH on June 30, 2007

Crosshair Exploration & Mining Corp has been on our radar for a while.  I’ve owned it once or twice, and never made any money on it.  I first bought it when it was mentioned in the Dines Letter, but not actually recommended.  It was mentioned again in a recent letter, but again, not actually recommended.  Perhaps someday it will be recommended; who knows.

What I like is the chart, and the fundamentals:

Crosshair Exploration & Mining Corp

The chart, as we all can see, shows a pennant formation, meaning we have both a down trend and uptrend at the same time.  Obviously that can’t continue forever; my guess is that it will resolve to the upside.

Also, the RSI is just under the 50 level, which is a great buy point.

Finally, as noted on the chart, the closing price has just closed above the 50 day and 200 day moving averages, which means it’s moving up.

Fundamentally, they a doing a lot of drilling in a very attractive area of Labrador, which bodes well for the future. 

As an added bonus, this is a junior that is likely to get bought out, so it’s a great one to own.  I’m buying.

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