An important week coming for the stock. And maybe for the sector - all U stocks. . The big question is, have most U stocks made their bottom possibly this week/last week and now we are back. CCJ a stock to watch for pulse. . I am optimistic at this stage. I liked how CCJ came back second time from 35. Now a real test to see - first to hold 39/40, next to make an attempt to cross 45. It may not happen in a day, but I feel its moving towards that. . This is what I have written about U sector in my Weekly Report this week. Anyone more interested in other sectors, general markets, etc, look at my other posts around the weekly report. .
Uranium Sector overview- I have been writing for couple of months, May end top, July end bottom, September end top. I have been writing that 39/40 is most critical level, where I expect to see biggest churn. It is mid way between 45 and 35, which are acting as resistance and support respectively. While dropping, it first reached 35 in first week of August. Then it took 3 weeks to reach 44.5, before it started retreating again. It again touched 35 a week back. Just based on pattern, on technicals, it should get to do another test of 45 within two weeks. Whether it can happen this week, depends on how also general markets behave, rate cut week. On Friday it finished at 40.33 - right in middle of critical zone. It had a good week, 4 greens on a row from Monday, on Friday a technical red. Finished the week around 9% up. Spot price at 79.65, just below psychological 80. It went for a day above 80, but couldn't hold. Odds of 35 being the bottom has considerably increased, twice it has been rejected from punters who have bought well that level. So my theory of End of Sep/Oct beginning for reaching towards high, theoretically is still there, but there could be some delays, lets see. Next week if it can hold 39/40 and start moving towards, that will be very positive. I am cautiously optimistic. I do trade a bit of up and down, try to pick the slight up and down to make some coins on the side, but still playing fully towards a theory that new highs are coming soon in the sector. I could be wrong, so please dyor. Lets see what happens next week.
CXU Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
