A decent day for ASX U stocks, but nothing spectacular.
Across 13 U stocks I track, the average gain was 1.5%. AGE had a gain of 1.7%. There were 4 stocks that finished in red.
Although the increase was small, I think it is significant, because its moving in the right direction. This considering that there have been gains in last few days, to keep the up side going is pretty good. Previously, this was the place where we faltered - after making gains for a day or two, we gave away. Now we are consolidating or moving forward.
The volume today relatively was less - around 20+ million. Although we finished at 6c, our VWAP average was 6.04c - this is highest in close to 6 weeks.
I feel tomorrow is an important day, which will come on the back of US stocks overnight. As we have seen, the cue from US stocks is the biggest driver for us. US stocks did well on Friday, the chances are they may consolidate and make further gains tonight - subject to dow behaviour and any adverse macro condition.
On the weekend I did a lot of reading around views of different analysts, investment houses etc. At this stage there is a strong feeling that 2022 will be a spectacular year for U stocks. The KAZ situation has also brought U sector into limelight - which is good - understanding that spot price needs to be higher and industry become diversified - US, Canada, Australia and Namibia could be on the forefront.
If US stocks do well overnight, we could make our first serious attempt around 6.7c. But if things don't turn out well, I am reasonably confident that we will maintain this level. Still waiting for Greg and all the best.
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