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Paladin Update
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Paladin Update
It’s been close to two months since we lasted looked in on Paladin Energy. Let’s see how shares have done during that stretch.
Last time around (April 24th) Paladin shares closed at $3.17. Since that time shares have trended upwards on a steady pace. After a stellar earnings report;
Paladin said the result reflected improved operating performance at its flagship Langer Heinrich uranium project in Namibia, where production was up 40 per cent for the quarter to 685.874 pounds of uranium.
And a subsequent volume increase, shares rose. On May 28th shares broke through the $4 resistance level and maintained that level on and off up until June 11th. Over the past couple of days (writing as of June 18th) shares have taken a pretty substantial hit, falling from $4.27 on June 12th to a current level of $3.65, a level that hasn’t been seen in close to one month.
Let’s see what happens with shares over the next five or six trading sessions. Can Paladin continue to ride positive momentum or are investors cashing out on some of the recent 2009 share profits?