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Tuesday
Apr142009

Denison Mines Corporation: Moving Up!

Denison Chart 15 apr 09.JPG


Another good day as Denison Mines Corporation (DNN) gained 17.92% by adding $0.19 to close at $1.25. Also of note is that this uranium stock has almost doubled since trading at $0.70 a couple of weeks ago.

Over the last two weeks Denison has managed to reverse its recent downtrend with a good mini rally. Note the golden crossover on the MACD, which is usually a positive indicator for a stock to make progress. The RSI is getting close to 70 which suggests that the stock is now overbought, but do remember that these indicators are only indicative of movement, its not cast in stone that the stock will behave accordingly.

Denison is a volatile stock in a volatile sector of the market. However, as we have said in the past, individual uranium stocks are making sudden moves upwards as investors slowly return despite the spot price drifting lower. On the AMEX yesterday 2.17 million shares changed hands in this stock, twice the normal average. Over on the Toronto Stock Exchange the volume was a huge 8.4 million shares traded.

Having purchased Denison recently only to see it fall out of bed we are pleased to see it making progress. A breather maybe on the cards in the short term but in a year from now we expect this stock to be trading much higher.

Denison Mines Corporation trades on the AMEX under the symbol of DNN and on the Toronto Stock Exchange as DML.

Market capitalization is $246.62 million, average volume is 708,000 shares traded, 52 week high $9.20, 52 week low $0.54, closed yesterday at $1.25.

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