Monday, October 29, 2007 at 09:30PM
Uranium stocks went into top gear yesterday to obliterate the Monday morning blues and Mega Uranium put in a monster performance with an advance of 17.72% for a gain of $0.76.
Turnover was up from Fridays half a million to just over two million shares traded for the day. There were many super performances by uranium stocks along with Mega’s, which must have put at least a small smile on the faces of the uranium bugs worldwide. Mega Uranium closed at $5.05, which is double what it was in the middle of August when the sell off was at its worst.
As we can see from this chart Mega Uranium is fighting back in great style. Although we could argue that the technical indicators have moved from the buy range and headed towards the top of the sell area we think that any breather could short lived. The reason being is that the spot price turned up three weeks ago and it is the spot price that grabs the headlines. In turn the good publicity provides a little more in the way of confidence to investors who are looking for a re-entry point.
Anyway, breather or not Mega Uranium is still a good buy in our opinion so roll on more Mondays like this one.
Have a good one.
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