Canadian Oil Sands Trust (COSWF) — This open-ended investment trust generates income from its 36.74% interest in a joint venture with Syncrude Canada Ltd., the world’s largest producer of crude oil from oil sands and the largest single-source producer in Canada.

On Oct. 9, at $30.80, I said, “After falling from more than $50 in July 2008 to less than $15 in January 2009, this trust formed a base and then rallied from February to May, before settling down for its next consolidation, a cup-and-handle formation. A breakout from this very bullish technical feature occurred after a period of heavy accumulation. The initial target for the trust is $40, and $50 longer term.”

The breakout occurred and the trust ran quickly to $34 where it ran into a wall of profit-taking that drove it down to its primary bullish support line, now at $27.

Since then it has found support at the 50-day moving average, giving new investors another chance to buy this unusual gold stock.

My targets of $40 short term and $50 longer term are still valid.

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