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Thursday
Jul172008

Denison Mines Corporation: Heading towards the buy zone!

Denison Chart 18 July 2008



As we can see from the above chart Denison Mines Corporation has oscillated between $9.00 and $6.00 over the last six months. We can also see that the stock has formed a series of higher lows in an attempt to break through to higher ground. The chart also shows that the technical indicators are heading south so a buying opportunity could soon present itself.

As the environment improves for uranium and uranium stocks, Denison should be one of the beneficiaries. As regular readers will know we don’t own this stock but would like to own it. We almost bought in February this year when things were looking rather gloomy and Denison was trading at $6.25. (See our article Denison Mines Corporation Revisited) however we missed it and it subsequently galloped to the $9.00 level and back again. The volatility continued with this stock hitting $9.10 a few weeks ago, however it is once again heading south and closed at $7.63 yesterday.

We still intend to buy this stock in order to add it to our core position but it also offers traders the opportunity to play and profit from these oscillations. We will continue to monitor Denison closely and signal a buy as soon as we have determined that it is appropriate to do so. However, don’t be put off by us as we have missed it a few times in the past.

Denison Mines Corporation trades as DML on the TSX and DNN on the AMEX, has a market capitalisation of C$1.45 billion, a P/E of 36.94 with 189.78 shares outstanding.

Have a good one.

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Reader Comments (2)

DNN...SELL!!!!

August 1, 2008 | Unregistered CommenterDana Nini

Dana,

Would you care to elaborate on the above statement please?

August 2, 2008 | Unregistered CommenterUranium Stocks

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