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Uranium Stocks Rally in Attempt to Break Bearish Trend

Commodities / Uranium Dec 20, 2007 - 12:24 AM GMT

By: Merv_Burak

Commodities
Well, it's a start, now if we can only have a few more days like this, or better, we just might get a rally going. The Merv's Daily Uranium Index was up 0.085 points or 2.21% on the day. There were 29 winners and 16 losers with 5 unchanged. It would be nice to see a few more winners and a few less losers, but we will take what we get. Of the five major stocks, Cameco gained 3.5%, Denison gained 0.5%, Paladin, the only loser of the bunch, lost 0.9%, UEX gained 5.4% and Uranium One gained 1.0%. The best daily performer of the 50 component stocks was Triex Minerals with a gain of 23.4% while the worst performer was Pele Mountain with only a 4.8% loss.


One day does not move the intermediate term indicates. So, they are about where they were yesterday. The Index is still trading below its negatively sloping moving average line, the momentum is still in its negative zone and the volume indicator is still below its trigger line. The rating for the intermediate term remains BEARISH .

The short term is starting to perk up although the one day move has not changed the indicators by much. The momentum indicator did bounce back above its oversold line but remains in its negative zone. The more aggressive Stochastic Oscillator (SO), shown, has turned up and has crossed above its trigger line but has not yet moved above its oversold line. We have a mixed or delayed confirmation between the two momentum indicators. With the Index still below its short term moving average line I cannot yet revert to a bullish rating but with the momentum indicators turning around a full bearish rating at this time is probably too harsh. So, I will go with a – NEUTRAL rating, which is one step above a full bearish rating.

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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