Friday, March 09, 2007

Uranium Index, Week 8

My reason for tracking this index has revealed itself this week.

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The index bounced back from last week's carnage, putting in a good showing of +5.49 percent for the whole week. Also note that the U3O8 spot price reported this past monday held steady at $85, so it also seemed unaffected by last week's plunge (at least for now).
More interesting however, is the line of resistance that I have drawn in the above chart. This line of resistance is around the 24100 level. I will be watching next week to see how the index will behave at around that level. Break above, and the bulls re-take control. Reverse and fall back down and this whole week was just a dead cat bounce and we will see a test of the 21000 level.

Index Value: 23,740.79
Best Performers: CXX, STM
Worst Performers: None.


Week 8 :          +5.49%
Since inception: +18.70%

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