BMR Morning Market Musings
Currie Rose Resources (CUI, TSX-V)
It’s definitely turnaround time for Currie Rose which bottomed out at 15 cents in late January…after being in decline for six weeks, the stock’s 20-day moving average (SMA) is very close to reversing to the upside…this is one of several important clues that the stock’s recent woes are likely over…the CMF is showing increasing buying pressure…RSI and Stochastics indicators are looking positive as well…Currie Rose was off a penny for the week at 18 cents…the first major area of resistance will be in the low 20's in the vicinity of the still-rising 100-day SMA…the company last came out with news January 25, announcing a joint-venture deal with Australian-based Liontown Resources for Currie’s Jubilee Reef Gold Project in Tanzania…CUI’s focus is on the Sekenke and Mabale Hills Projects, so finding a partner for Jubilee Reef made sense…the deal commits Liontown to at least 5,000 metres of drilling at the property this year which will give Currie Rose a minimum of 23,000 metres of drilling at all of its properties in 2011…an 8,000 metre program is now underway at its Scadding Gold Property near Sudbury which was optioned to Trueclaim Exploration (TRM, TSX-V)…this property will be getting some major exposure with a segment on “Today in America” which is expected to air nationally on the FOX Business Network and regionally on CNN Headline News…while Currie Rose has had its market cap shaved considerably, from a high of nearly $40 million to the current $15.5 million, what hasn’t changed is the quality of this company’s project portfolio which remains as high as it ever was in our view…