Ann: Consolidation/Split - PEN, page-90

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Agit8a

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27/10/24

13:55

Post #: 76321704
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Originally posted by dc1234: ↑

An important week coming for the stock. And maybe for the sector - all U stocks.
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CCJ has shown the way, led most U stocks with its play, now its testing the waters - which way will it go?
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CCJ has made new highs. Now checking whether it has support for next leg up. It will give direction to most U stocks, the nature of play is around CCJ playing the game. So we wait.
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ASX U stocks, when things went bad in July, and CCJ dropped to 35, they panicked. Most lost average around 50%. CCJ then came back and made a new high. ASX U stocks though, on average are still at least 30/40% below what they made when they went high. Why is that? It s not easy to say why it is behaving like that. my impression is - if the sector feels that we may do very well shortly, it outruns the run - meaning it goes higher than people expect. Like what happened in May rise. But when the feeling is not very strong, it is saying, I am not sure about the rise. So punters are conservative. U stocks rise falls short like now - most ASX U stocks are feeling that pressure. The risk appetite has decreased. risk management in play. That could change though. If CCJ shows the way, holds, 52, goes above 58. Suddenly the boisterous mood may be back. But for now, punters want to wait and watch before taking a plunge. We wait.
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PEN made a high of 14.4 (12.5 in May) and then lost all, nearly, and reached 6.9, losing over 50%, all within few months since May. Has recovered a bit to be on 9.8. But CCJ made new highs. PEN far behind. So a lot of ground to make.
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This is what I have written about U sector in my Weekly Report this week on AGE thread. Anyone more interested in other sectors, general markets, etc, look at my other posts around the weekly report, as I write that on one thread only.
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Uranium Sector overview- After doing a high last week at 58.65, did another high on Monday at 58.72. But that was the only good part of the week. All 5 days it was red. A very rare occurrence that all 5 days of the week is red. So what is happening? CCJ had a good rise from 35 to 58, I feel its consolidating, testing the waters to see if it has support to go higher. But there is danger. Previous times when it has dropped over 10%, it has not ended well. The big drop in July to 35 was another instance. It has not yet dropped 10%, but very close, over 9%, so at a very critical juncture. Next week is important. I feel it may define short to medium play leading up to January. Will it go below 52, and test 45, or will 52 hold and it is back on track for another high? Best not to assume anything but follow price action. U macro still very strong. Spot price is not helping to give momentum. After reaching 106 in January, last several months it is just around 80/85 range. One would have thought that with so much of good news recently, at least it would be 90s, marching towards 100. So its clear, there are other sentiments and other factors in play. Till CCJ holds 10% drop, I will be very positive. If its breached, I feel then it has to be very carefully watched. U stocks are very volatile, can gain 100% and then give it all away, in matter of months, so except those very long term, best to see what happens and then react

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few institutional investors in AU uranium stock compared to the US. Also bashed by the government. A simpleton can see we should be building future wealth for the country around uranium and critical minerals. Says a lot about our government and their ideologicaly driven agenda.
PEN Price at posting: 9.8¢ Sentiment: Hold Disclosure: Held
7 Upvote

0 Great analysis

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