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Uranium Stocks Short-term Trend Improves

Commodities / Uranium Dec 21, 2007 - 01:42 AM GMT

By: Merv_Burak

Commodities Well, that's two days in a row. Maybe we have the start of a rally. The Merv's Daily Uranium Index closed up for another day, up 0.106 points or 2.69%. There were a few more winners and a few less losers as requested yesterday. 34 stocks ended the day on the up side while 13 stocks ended the day on the down side. 3 stocks didn't go either way. Unfortunately, we had a mixed day for the five largest stocks. Cameco closed higher by 4.6%, Denison closed higher by 1.2%, Paladin closed lower by 0.4%, UEX closed lower by 0.6% and Uranium One closed higher by 1.2%.


The best daily performer was Alberta Star with a gain of 37.0% while the worst daily performer was UNOR with a loss of 13.0%. Despite the sort of mixed bag for the largest stocks the speculative ones had a field day. There were 9 stocks closing with double digit gains and only one with a double digit loss. That's kind of impressive after all these down days.

The intermediate term prognosis has not changed despite two days of upside. It takes more than that to change the rating. The Index is still below its negative sloping moving average line. The momentum is still in its negative zone, although moving upwards. The volume indicator is moving higher but still has some to go before crossing its intermediate term trigger line. With the indicators turning up I can now improve the intermediate term rating but only to the – NEUTRAL level, one level above a fully bearish rating.

Things are starting to look better for the short term prognosis. The Index just touched its short term moving average line but still closed below it. The line itself is still pointing downward. The momentum indicator is rallying but still in its negative zone. The same for the Stochastic Oscillator. I can now further upgrade the short term rating to NEUTRAL .

Despite the two up days and the possibility that we might be in a rally, this is still a very risky time to be investing or speculating. Gambling is still the operative mode.

 

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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