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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Uranium Stocks Rally Continues into 2008

Commodities / Uranium Jan 04, 2008 - 12:32 PM GMT

By: Merv_Burak

Commodities Well, the rally continues. The Merv's Daily Uranium Index of 50 stocks closed with a gain of 0.059 points or 1.37%. There were 36 winners, 12 losers and 2 unchanged. A three to one ratio of winners to losers is not bad for a day's work. The largest five stocks by market value did even better. Cameco gained 1.5%, Denison gained 3.9%, Paladin gained 4.6%, UEX gained 6.9% and Uranium One gained 5.7%. The best performer today was Formation Capital with a gain of 19.7% while the worst performer was Magnum Uranium with a loss of 9.6%, this after I just posted a gambler's recommendation on it. How's that for timing of the wrong kind. Looking at the chart the negative move is still well within its daily chart up trend (see the chart below).


The intermediate term has not yet broken into the bull camp but it is getting close. The Index closed right on top of the moving average line and the line itself is turning around towards the upside but not quite there yet. Momentum is also getting closer to moving into the positive but not quite there yet. The volume indicator is above its intermediate term trigger line for the first of the three break-outs. The FAN shown is explained in yesterday's comments. It too is getting close to a break-out but here I would like to see a possible few days of reaction before the break. Anyway, FAN or no FAN, the rating is getting better and is now raised to a full NEUTRAL level.

While the intermediate term continues to improve the short term is going in the opposite direction. Although the Index remains above its positive moving average line and the momentum continues to creep higher inside its positive zone the more aggressive Stochastic Oscillator (SO) is already moving lower. It is well inside its positive zone but it has turned downward and has moved below its trigger line for a negative warning. This has to be watched. The SO is very often a leading indicator of a reversal of direction, not always but often. For now I must continue with a BULLISH rating for the short term.

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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