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Uranium Stocks Momentum Still Bearish

Commodities / Uranium Dec 16, 2007 - 10:07 AM GMT

By: Merv_Burak

Commodities Ho-Hum, another day and another bummer. We are getting close to a potential break-out but unfortunately that could be on the down side. The Merv's Daily Uranium Index closed lower by 0.068 points or 1.61%. That may not sound like much but as with water torture little drops on your forehead may not sound like much but after a while it's hell. There were only 9 stocks closing higher on the day while 36 stocks closed lower. 5 stocks remained unchanged. All of the biggies closed lower. Cameco lost 0.4%, Denison lost 1.9%, Paladin lost 3.0%, UEX lost 2.6% and Uranium One lost 1.9%. The best performer on the day was Nuinsco with a miserly 5.5% gain while we had two worst performers, Pele Mountain and UNOR, both with 10.0% losses.


So, where are we? Taking the intermediate term first nothing has changed from the prognosis of the past few days. The Index is still below its negatively sloping moving average line, the momentum indicator is still in its negative zone and the volume indicator is making new reaction lows. The intermediate term rating can only still be BEARISH .

The same can be said for the short term except I am holding back a bear or bull rating until the Index gets out of that box that it got itself into. Until then I am continuing to go with a NEUTRAL short term rating.

We see that the Index just touched the lower support line of the box and then took a slight bounce. There is nothing in the short term or more aggressive indicators to suggest that the support will hold but we should know tomorrow or Monday. One might take some comfort in the low daily volume but that's normal during declines. To end a decline we should usually see sharp downward Index moves on very high volume for a final sell-off, similar to mid-August. But not all moves end the same way so we will just have to keep watch for whatever the move is that ends this slide.

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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