Foran Mining Corporation (FOM)

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Oversold signals at Foran Mining (FOM)

The share price of base metals junior Foran Mining (FOM) has tumbled since we featured it in our morning report on May 4th when the stock closed at $0.265. The share price last closed at $0.14 on July 17th (and hitting a new 52-week low on the day of $0.13). The stock has been dealt a double-whammy of renewed US dollar euphoria on the back of a promised but undelivered rate hike, and a wave of risk aversion stemming from concerns over Greece and China. Certainly, China has played havoc with commodity markets over the past 48 hours as a tightening of rules governing non-bank lending may have contributed to broad selling of precious metals. Many industrial metals including copper were dragged down for the ride.

Miners top the April INK Edge Top 40

Late last night we posted our April INK Edge Top 40 stocks on the INK Research website for subscribers. Saskatchewan focused Foran Mining Corporation (FOM) took the top spot. Miners in general have had a strong showing this month: Claude Resources Inc. (CRJ) and Dominion Diamond Corporation (DDC) helped to account, with Foran and other miners, for five out of the top ten spots, and, all told, Basic Materials (25%) edged out Financials (22.5%) to maintain its lead in the Top 40's sector allocation.

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