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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Uranium Stocks Continue Rally

Commodities / Uranium Nov 07, 2007 - 01:50 AM GMT

By: Merv_Burak

Commodities A slight rise today to compensate for the small drop yesterday. The Merv's Daily Uranium Index closed higher by 0.036 points or 0.71%. There were 22 winners, 25 losers and 3 unchanged. Of the five largest stocks by market value, Cameco gained 2.5%, Denison lost 1.4%, Paladin gained 3.5%, UEX gained 0.8% and Uranium One lost 1.2%. The best performer on the day was Anglo-Canadian Uranium with a 25.5% gain while the worst loser was Forsys Metals with a loss of 7.0%.


The chart almost seems not to change from day to day although there are minute changes that could be warning of trend changes. First the warnings. The Index, although moving oh so slightly higher, is losing its steam and may be about to reverse for a while. Not yet, but it is becoming more and more of a possibility. The Index has not been able to make much upside headway over the past several days and this weakness is often a prelude to a reversal. Both the short term momentum and the more aggressive Stochastic Oscillator are sitting on top of their overbought lines ready to break below and signal a potential short term down side move.

The normal intermediate term indicators are all still positive, the Index above a positive sloping moving average line, momentum in its positive zone and volume more on the up side (but not much more). Lastly, both the momentum and Index continue inside their upward trending channels. All in all the intermediate term rating remains BULLISH .

Apart from the warnings above, the short term indicators are also all still positive. The short term rating remains BULLISH .

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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