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June 22, 2009 / Jeb

Top Penny Gold Exploration Stock (UXG)

UXG

As you can see by the long term chart of UXG that it is forming a bullish symmetrical triangle formation.  As a long term investment UXG is sound.  However, it may take longer than I expected.  As for my subscribers managing risk and take small losses is key to increasing returns and this is why we were stopped out.

UXG

Two failed breakouts at 2.75 and then a break of that trendline could lead to a major correction.  This could be a double top.

If it maintains that 50 day and trendline then we will be wrong, but if we stay in and it fails then we could take a major loss.  I’d rather stick with a 15% loss and wait for a better opportunity.

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