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Uranium Stocks Rally Comes to an End as Downtrend Reasserts Itself

Commodities / Uranium Mar 05, 2008 - 01:49 AM GMT

By: Merv_Burak

Commodities That nibble, nibble just turned into a big bite. It looks like the rally has come to an end with the direction of least resistance being once more to the down side. The Merv's Daily Uranium Index closed lower today by 0.084 points or 2.36%. There were 8 winners and a whopping 36 losers. I was hoping against hope we would be getting these figures but in the reverse order. 6 stocks closed unchanged on the day. As for the majors, they all closed lower. Cameco lost 0.9%, Denison lost 4.1%, First Uranium lost 1.0%, Paladin lost 0.9% and Uranium One lost 2.6%. The best performer of the few that closed on the up side was Bayswater Uranium with a gain of 5.2%. The worst performer was Uracan Resources with a loss of 15.7%.


As has been the case for some time now, although the lines on the chart may change the final outcome stays the same. The Index remains below its negative sloping moving average line. The momentum indicator remains in its negative zone, below a now negative sloping trigger line. The action is once more below that third FAN trend line we have been watching for a possible upside breach. The Index did close above the line for one day but most of that day's action was below the line. All in all, the intermediate term rating remains unchanged as BEARISH .

On the short term, boy things can change fast when we have a bad day. The Index has finally closed below its short term moving average line although the line is still very slightly pointing in an upward direction. The short term momentum has just broken below its neutral line into the negative zone and below its negative sloping trigger line. The action has now broken below the support lower trend line of that up trending channel. After two weeks tracing a somewhat lateral path the Stochastic Oscillator took a plunge yesterday and a further one today finishing well into its negative zone. From a short term bullish rating yesterday the short term has now turning into a BEARISH rating.

With the indicators as negative as they are it is a very dangerous time to be even thinking of gambling on stocks, unless one is gambling on the down side. In my view speculators should relax and stay out until things turn around. The worst thing a person can do is go against the trend of the overall market (or in this case, the Index). During bear periods the market takes the good with the bad.

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

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

John
05 Mar 08, 18:37
Bashing Uranium

All you bashers are something else! Uranium is the best energy this world has to offer bar none! Just look at france they are the smart ones............


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