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Uranium Stocks Neutral on Bad News - Technically Uranium with Merv

Commodities / Uranium Nov 02, 2007 - 02:40 AM GMT

By: Merv_Burak

Commodities With the “bad news” one reads in the media about the rough time the largest uranium companies seem to be having it's a wonder that the Merv's Daily Uranium Index has not totally collapsed. However, cooler heads prevailed and the Index held it's ground. The Index lost 0.037 points or 0.75% on the day.

The winners and losers were somewhat better with 24 stocks on the winning side, 16 stocks on the losing side and 10 on no side at all. Of the five largest stocks based on market value, Cameco lost 7.8%, Denison lost 1.1%, Paladin gained 1.5%, UEX gained 3.1% and Uranium One gained 1.1%. The best daily performer was Forsys Metals with a gain of 19.6% while the worst performer was Cameco with that loss of 7.8%.

The Index is still trapped inside that up trending channel so from the intermediate term we still have no worry about uranium stocks in general. The action is still above a positive sloping moving average line and the momentum indicator is still above its neutral line, in its positive zone and also still trapped in its own up trending channel. Regardless of how one addresses yesterday's volume (see yesterday's commentary) the volume indicator can still be regarded as positive. So, everything looks good and the BULLISH intermediate term rating continues.

On the short term things are not quite that all out positive but still no reversal has been confirmed. The Index low for the day just touched the up trending moving average line and closed above the line. The short term momentum indicator is still in its overbought zone but just about ready to drop below the overbought line. The more aggressive Stochastic Oscillator HAS dropped below its overbought line for a warning that the immediate direction of least resistance may have changed to the down side.

We might see some down days ahead with the Index dropping below its short term moving average line but the line to watch would be that lower channel up trend line, the support line. With the Index still above its moving average line I can't drop the rating any further than NEUTRAL , and that's where we remain for another day.

By Merv Burak, CMT
Hudson Aero/Systems Inc.
Technical Information Group
for Technically Uranium with Merv


During the day Merv practices his engineering profession as a Consulting Aerospace Engineer. Once the sun goes down and night descends upon the earth Merv dons his other hat as a Chartered Market Technician ( CMT ) and tries to decipher what's going on in the securities markets. As an underground surveyor in the gold mines of Canada 's Northwest Territories in his youth, Merv has a soft spot for the gold industry and has developed several Gold Indices reflecting different aspects of the industry. As a basically lazy individual Merv's driving focus is to KEEP IT SIMPLE .

This Blog is - A periodic review of the daily or weekly market action in uranium stocks. The review is strictly from the technical perspective. Merv is a pure market technician. Weekly, one will find a table of technical information and ratings of the 50 component stocks of the Merv's Uranium Index as well as a weekly summary of the uranium stock activity. Daily (most days), one will find a daily review of the market action of the Merv's Daily Uranium Index as well as technical analysis of one or more uranium stocks of interest.

Disclaimer - Technical analysis is not perfect. Should you expect perfection this is not the site for you.
Technical analysis IS a very sound technique to assess the daily or weekly trading activities in securities and to assess appropriate timing of investment activities. This blog provides such technical analysis of the trading activity in uranium stocks for your information. Any use made of this information is strictly at the users risk. No guarantees are made for the accuracy or potential for the information provided herein. Use at your own risk. You are strongly advised to check with your broker or investment adviser before activating any investment desisions.

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