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« Uranium Price Confusion: Especially in the US DOE | Main | Cameco: Discovers Another Leak »
Monday
Jul232007

Mega Uranium: Uptrend Forming

After finding a support near five dollars, Mega Uranium has now firmly broken its downtrend and has clearly formed a new uptrend as the chart below demonstrates.

Mega Uranium: Uptrend Forming

Unfortunately, technically speaking its not all good news for Mega as the 50 day moving average recently broke down through the 200dma line. This sends a negative signal, but if this recent uptrend continues, it should not be long before the the 50dma breaks up through the 200dma line sending a positive signal to the market and igniting a new rally in Mega's stock price.

Mega has uranium properties in Australia as do a few of our uranium stocks. The annual Australian Uranium Conference is taking place at the moment with over 400 delegates expected to attend the conference. This puts a fair amount of pressure on the politicians in Australia to develop uranium mining in their country, with such a large amount of businesses interested in their uranium resources.

Federal Resources Minister Ian Macfarlane, Opposition resources spokesman Chris Evans and federal Greens leader Bob Brown thought that this event was important enough to make the trip and make a speech.

Mr Macfarlane's speech is expected to focus on the huge growth in world demand for Australian uranium and about the responsibility Australia has, given it has the largest share of world reserves, to provide uranium to many countries choosing to use nuclear energy.

We will be keeping a close eye on the technical situation of Mega Uranium as well as the fundamentals such as the politics in Australia and we will keep our readers fully updated and informed on any insights we have on the situation.

Mega Uranium trades as MGA on the TSX and is a BUY in our uranium stocks portfolio.

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Reader Comments (2)

MGA is now in an in-between phase; the down trend has been broken by establishing a higher low, however a new uptrend has not yet been confirmed. It needs a higher high for that. Lowest risk entries are now possible. (Stop loss at the most recent low)

July 24, 2007 | Unregistered CommenterRien

The MGA that I own on the TSX is trading in the about .36 area.How does this differ from the MGA you are refering to?

July 11, 2010 | Unregistered CommenterBarrie Madu

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