2 replies to this topic

[PorkLoin]

Up more than 50% since the beginning of this year. Meanwhile, many uranium stocks have gotten slaughtered. The above chart comes from UxC.com's free site. Most recent quote: $55.75




Paladin took a good hit after the April high, but to me this is not at all a bearish chart. Big up volume last week. Look at the MACD, the Chaikin Money Flow, the Accumulation/Distribution.

Also looks like an ascending triangle being formed -- flat top, rising bottom. Should break out to the upside. Might need another move down, like an "E" wave after we've had ABCD from the April high, and if we get it I'd consider it a gift.

We break out here and I bet we see it over 6 fast.


Best,

Doug

[hiker]

CCJ went down one day last week on stop running...down the next day to test a lower low....which was bought and the advance has since continued. 20-day ema at 36.75 is also near a horizontal resist area

[PorkLoin]

Looking at the daily chart, I see what is essentially a double bottom that coincides with the range of last December. If the fast rally to the high of early Feb. gave way to a "long" seeming correction, then it fits.

If we go from the May high, then there is an overall three-wave move to the Oct. low -- down to June, up to Sept, down to Oct.

Or, is it a Head and Shoulders top?



Could be an H & S top, but in the grand scheme of things it's no worse than what we had in early 2005, early 2004, early 2003 or most of 2002 (Yikes). The weakness, compared to the fairly relentless advance of the prior three and a half years, has been relatively long in terms of time, allowing the MACD on the weekly chart to go clear back to zero. Okay, big correction.

Not to say it can't go lower yet, either. Perhaps from the 2000 low we've had a big three waves up, 123 and are now in 4. 4 could go a lot lower and a lot longer.... Going into late last year and early this year uranium stocks were hot, and got overheated, especially in light of the commodity/energy correction we've had since in general.

CCJ could go a LOT higher and have that weekly MACD not make a new high. Commodities often make such a final high, or go up in such a parabolic blast that even the MACD comes along for the ride. Either way, couple it with the price of the raw material that has nothing for years but go up, up, up, and I think we have a market that is doing a good job of frustrating bulls before what could well be the real ride.


Doug