Best of the Week
Most Popular
1. Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - P_Radomski_CFA
2.Fed Balance Sheet QE4EVER - Stock Market Trend Forecast Analysis - Nadeem_Walayat
3.UK House Prices, Immigration, and Population Growth Mega Trend Forecast - Part1 - Nadeem_Walayat
4.Gold and Silver Precious Metals Pot Pourri - Rambus_Chartology
5.The Exponential Stocks Bull Market - Nadeem_Walayat
6.Yield Curve Inversion and the Stock Market 2019 - Nadeem_Walayat
7.America's 30 Blocks of Holes - James_Quinn
8.US Presidential Cycle and Stock Market Trend 2019 - Nadeem_Walayat
9.Dear Stocks Bull Market: Happy 10 Year Anniversary! - Troy_Bombardia
10.Britain's Demographic Time Bomb Has Gone Off! - Nadeem_Walayat
Last 7 days
Stock Market Pause Should Extend - 21st April 19
Why Gold Has Been the Second Best Asset Class for the Last 20 Years - 21st April 19
Could Taxing the Rich Solve Income Inequality? - 21st April 19
Stock Market Euphoria Stunts Gold - 20th April 19
Is Political Partisanship Killing America? - 20th April 19
Trump - They Were All Lying - 20th April 19
The Global Economy Looks Disturbingly Like Japan Before Its “Lost Decade” - 19th April 19
Growing Bird of Paradise Strelitzia Plants, Pruning and Flower Guide Over 4 Years - 19th April 19
S&P 500’s Downward Reversal or Just Profit-Taking Action? - 18th April 19
US Stock Markets Setting Up For Increased Volatility - 18th April 19
Intel Corporation (INTC) Bullish Structure Favors More Upside - 18th April 19
Low New Zealand Inflation Rate Increases Chance of a Rate Cut - 18th April 19
Online Grocery Shopping Will Go Mainstream as Soon as This Year - 17th April 19
America Dancing On The Crumbling Precipice - 17th April 19
Watch The Financial Sector For The Next Stock Market Topping Pattern - 17th April 19
How Central Bank Gold Buying is Undermining the US Dollar - 17th April 19
Income-Generating Business - 17th April 19
INSOMNIA 64 Birmingham NEC Car Parking Info - 17th April 19
Trump May Regret His Fed Takeover Attempt - 16th April 19
Downside Risk in Gold & Gold Stocks - 16th April 19
Stock Market Melt-Up or Roll Over?…A Look At Two Scenarios - 16th April 19
Is the Stock Market Making a Head and Shoulders Topping Pattern? - 16th April 19
Will Powell’s Dovish Turn Support Gold? - 15th April 19
If History Is Any Indication, Stocks Should Rally Until the Fall of 2020 - 15th April 19
Stocks Get Closer to Last Year’s Record High - 15th April 19
Oil Price May Be Setup For A Move Back to $50 - 15th April 19
Stock Market Ready For A Pause! - 15th April 19
Shopping for Bargain Souvenirs in Fethiye Tuesday Market - Turkey Holidays 2019 - 15th April 19
From US-Sino Talks to New Trade Wars, Weakening Global Economic Prospects - 14th April 19
Stock Market Indexes Race For The New All-Time High - 14th April 19
Why Gold Price Will “Just Explode… in the Blink of an Eye” - 14th April 19

Market Oracle FREE Newsletter

Top 10 AI Stocks Investing to Profit from the Machine Intelligence Mega-trend

Uranium Stocks Index Trend Still Bearish

Commodities / Uranium May 02, 2008 - 05:02 AM GMT

By: Merv_Burak

Commodities I keep looking at the chart to see if there is something bright to write about but nothing, at least nothing of any real significance. There are some signs that things might be getting brighter but they would be signs mostly in my mind rather than anything concrete. I guess the most positive action one can grab on to is the fact that once the Index fell below that “box” that it was in for so long, that the Index hasn't yet dropped like a rock, as might have been expected. I'm hoping things do perk up soon because as long as things remain bearish readers start to lose interest and sooner or later I'll end up writing these commentaries only for myself.


Back to the real world. The Merv's Daily Uranium Index closed on the down side again although not by any great amount. It lost 0.59 points or 0.22%. There were 24 winners and 21 losers (hey, there is another plus to grab on to, more winners). As for unchanged, there were 5. Of the five largest stocks Cameco gained 0.7%, Denison lost 2.1%, First Uranium lost 0.5%, Paladin gained 1.2% and Uranium One lost 1.7%. The best daily performer was Fronteer Development with a gain of 10.2% while the worst performer was Pele Mountain with a loss of 26.8%.

The third FAN trend line was drawn from the November high through the top of the second trading day of the year. Since then it has trapped the subsequent action quite well. Even now the Index has a rough time trying to break on the up side in a decisive manner. For a new bull move to take hold there are two pre-requisites to watch. A break above the third FAN trend line and a break above that upper resistance “box” line, which was at the 297 level. Until then any moves may be short lived. Of course, at this time it is impossible to say that if the Index should break those barriers that we would actually be in a bull market but we can't get into one without those barriers being broken. In the end we'll just have to watch the charts and indicators and go with what they tell us, or more precisely, with what I think they might be telling us.

As nothing has happened to change the analysis from yesterday I'll just cut to the chase and summarize that the intermediate and short term ratings are still BEARISH . For details, see yesterday's comment. Hopefully tomorrow will bring us some better news.

By Merv Burak, CMT
Hudson Aero/Systems Inc.
Technical Information Group
for Merv's Precious Metals Central

For DAILY Uranium stock commentary and WEEKLY Uranium market update check out my new Technically Uranium with Merv blog at http://techuranium.blogspot.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 .

To find out more about Merv's various Gold Indices and component stocks, please visit http://preciousmetalscentral.com . There you will find samples of the Indices and their component stocks plus other publications of interest to gold investors.

Before you invest, Always check your market timing with a Qualified Professional Market Technician

Merv Burak Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Roslyn Ritz
03 May 08, 10:02
URANIUM

May 3, 2008: In 1996 my late husband invested $5,500 in Canadian Oil Sands Trust. I said "be realistic there is sufficient oil around so why would squeezing it out of sand be necessary" That $5,500 is now worth $90,000 (with splits etc) and I received $8,000 income per year.

I mentioned to my son that I had purchased 6 inexpensive uranium stocks, he said "Mother be realistic, it will be years and years before any profits will be forthcoming"

My reply was "within 3 years or less, the price of uranium will be at $100 or more per lb. and if I go to my"great reward"before then, you will be sitting in your Mercedes and silently thanking me"

Uranium will be the energy source of the coming years. It does not harm the atmosphere and I wouldn't be surprised if they will be able to use it for 50% of the world's energy needs.


Wally Cartier
30 May 08, 18:21
Enough Said

"Let A Word To The Wise Be Sufficient."


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules