EL8 (ASX) EL8 CHART

Originally posted by dc1234: ↑

An important week coming for the stock. And maybe for the sector - all U stocks.
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Will we keep making fresh 52 week lows or will we recover from here.
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EL8 needs to hold this level. Its already down close to 65% from its high of 68. If things go south, recent 52 week low of 26 may come again into picture. i picket up some yesterday at 28. But after what happened last night in US markets, maybe I should have waited. Oh well, we can't win all.
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Personally I am playing here, have bought in last few weeks, my average 25.5, slightly up, but not convincing.

Many must be thinking why I write Bottoms/Tops etc. Here's my theory, may not be right, but one I feel.
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Although U macro looks great, there are few flaws. One of the reason its so volatile. We go to euphoria and then go into doom every few months. There are 3 main reasons for that. I am still positive long term. But just trying to give context why I write tops/bottoms etc.
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First and most important is that the Supply/Demand figures for Uranium is black box. No one knows for sure what's happening. Very little trading happens on Spot market, most long-term contracts. In many cases figures are not know. So people make guesses rather than relying on numbers. Depending on one's inclination, we get different pictures. Lot of characters on X/You Tube etc. If you believe them, Spot price should have been 200, if not 300. All U stocks doing new 52 week highs every week. Not 52 week lows. But that doesn't stop them repeating the same thing. Most don't get it right. 6 years back in 2018 I read an article from a repute journal. It said, Uranium Supply crunch is coming soon. Its so dire, that it is round the corner. 6 years have passed, we are still looking for that near corner. No doubt, Spot 80 is much better than 20, or say 40/50, so big stride has been made. But not reflected in stock prices at number of times.
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Secondly, U sector is small. Very small compared to even other resources, and very tiny compared to big tech stocks. It can easily get manipulated by some big players. We don't want to believe, but trading patterns, the highs and the lows, is reflective of that. We can't change. We have to accept it. I accepted it long. Hence in my writing I write about making tops, making bottoms. Not saying we will keep going up, like other celebrities. It may be happening, we don't know, but manipulations can happen.
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Thirdly, we cannot be immune to what is happening to other resources. Although general markets have been rising, its mostly fuelled by big tech stocks. Most other risk-on stocks, resource sector, like Li/REE/Graphite/Nickel/Iron Ore/Copper all are in big trouble. Russell 2000 representing small caps and risk-on assets one of indices doing very bad. So overall macro is affecting us in some way.
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Hopefully other things improve, or we carve our own path.
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This is what I have written about U sector in my Weekly Report this week. Anyone more interested, look at my other posts.
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Uranium Sector overview- I have been writing for couple of months, May end top, July end bottom, September end top. CCJ to reverse from here. Till July it went to plan. I was writing that 39/40 is critical level, and a move in either direction may provide medium term direction. 2 weeks back it was looking positive and finished at 42.61. Last week there was a scare and tested the first lower level of 39/40. It came to 40.22 and finished the week at 40.84. This week it lost 39/40, so one major critical level lost. I have also been writing that the final number to hold is 35. If it loses that, I believe, based on trading pattern I follow (which could be wrong), that U sector will stagnate or meander/drift down and we may have to wait a long time before new highs are made. On Friday it came to 35.89, finishing at 36.96. So theoretically it has held 35 for now. Next week is crucial. Lot of recession fears are spooking the markets. If general markets fall big, U sector cannot be immune to it. Spot price at 79.85, just below psychological 80. So my theory of End of Sep/Oct beginning for reaching towards high, theoretically is still there, but odds have decreased. Either it may not happen, or may take longer. Lets see what happens next week.

Expand

No.	Vol.	Price($)
4	28509	28.0¢

No.

Vol.

Price($)

28509

28.0¢

Price($)	Vol.	No.
29.0¢	66936	1

Price($)

Vol.

No.

29.0¢

66936

No.	Vol.	Price($)
3	21303	0.280
3	33636	0.275
2	42500	0.270
3	73512	0.265
7	74695	0.260

No.

Vol.

Price($)

21303

0.280

33636

0.275

42500

0.270

73512

0.265

74695

0.260

Price($)	Vol.	No.
0.290	66936	1
0.300	6670	1
0.310	15000	1
0.315	57850	4
0.320	24486	3

Price($)

Vol.

No.

0.290

66936

0.300

6670

0.310

15000

0.315

57850

0.320

24486

(20min delay)
Last 28.0¢		Change -0.040(12.5%)		Mkt cap ! $86.36M

Open	High	Low	Value	Volume
29.0¢	30.0¢	28.0¢	$216.3K	756.5K

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