One of the big 5 in the industry, Uranium One looks like it is ready to make a major move. News this morning was not conducive to such a move. We’ll just have to see what transpires. We have a resistance level in UUU that needs to be overcome BEFORE we can become gung-ho on UUU. Should the price close at $13.50 or above we then would have a strong message that the “news” is not having the assumed effect. At the present time UUU is trading above its intermediate term moving average line and the line has just turned oh so slightly positive. The intermediate term momentum indicator has also just reared it head above its neutral line into the positive zone but not yet with any enthusiasm. Of greater interest is the volume indicator. Investor interest has been on the up side and the cumulative volume has now exceeded its level from the previous Sept price high. Normally, I would say that all is in place for a more concerted upside move but with that resistance from the previous high and the “news” this morning, I would be inclined to wait for a move through the resistance.31 October 2007
Uranium One Inc. (T-UUU), 31 Oct 2007
One of the big 5 in the industry, Uranium One looks like it is ready to make a major move. News this morning was not conducive to such a move. We’ll just have to see what transpires. We have a resistance level in UUU that needs to be overcome BEFORE we can become gung-ho on UUU. Should the price close at $13.50 or above we then would have a strong message that the “news” is not having the assumed effect. At the present time UUU is trading above its intermediate term moving average line and the line has just turned oh so slightly positive. The intermediate term momentum indicator has also just reared it head above its neutral line into the positive zone but not yet with any enthusiasm. Of greater interest is the volume indicator. Investor interest has been on the up side and the cumulative volume has now exceeded its level from the previous Sept price high. Normally, I would say that all is in place for a more concerted upside move but with that resistance from the previous high and the “news” this morning, I would be inclined to wait for a move through the resistance.
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2 comments:
Hi, Merv:
do you still think the same way for UUU?
Yesterday might have been a one day panic. Support is at $10.00 and a good buy there with a stop loss set at $9.50. Better buy would be to wait for the resistance break as mentioned in the commentary. Costs more but risk highly reduced.
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