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Uranium Stocks Maintain Bearish Intermediate Term Trend

Commodities / Uranium Nov 21, 2007 - 01:40 AM GMT

By: Merv_Burak

Commodities I guess we should give thanks for small mercies. That's one up day in a row, maybe we can go for two. The Merv's Daily Uranium Index closed higher by 0.051 points or 1.18%. In uranium terms that's not so hot. Of the 50 component stocks we had 20 that closed higher, 24 that closed lower and 6 that were unchanged. Of the five largest stocks by market value, Cameco gained 2.2%, Denison gained 0.1%, Paladin lost 0.3%, UEX gained 1.8% and Uranium One gained 1.0%. Quaterra was the best daily performer with a gain of 19.7% while Titan Uranium was the worst with a loss of 9.3%.


One day does not a trend reversal make, not even in the short term. However, it is a start. A look at the candlestick action suggests a very neutral day with the closing price closing almost where it started the day, despite a wide daily high and low. However, the action was still below a negatively sloping short term moving average line. The short term momentum indicator (shown) has turned on the daily action but is still well inside its negative zone and the turn is not yet convincing. The more aggressive Stochastic Oscillator is also in the process of turning but remains inside its oversold zone and still below its trigger line. So, the rating for the short term must still remain BEARISH for at least another day.

On the intermediate term this one day action made almost no impression. However, by a quirk as to how the moving average is calculated the moving average has once more inched into the upward position from a horizontal one yesterday. However this upward slope is very fragile and needs more upside price action to hold. For this reason I am maintaining my previous BEARISH rating for the intermediate term.

This is still not the time for most investors to be getting back into the market. It's just too risky at this point. Gambling is okay when you understand the risks and protect yourself with an appropriate stop loss.

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

Web: http://techuranium.blogspot.com/
e-mail: merv@themarkettraders.com

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.

Merv Burak Archive

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