After the Close, 06 Nov 2007A slight rise today to compensate for the small drop yesterday. The Merv’s Daily Uranium Index closed higher by 0.036 points or 0.71%. There were 22 winners, 25 losers and 3 unchanged. Of the five largest stocks by market value, Cameco gained 2.5%, Denison lost 1.4%, Paladin gained 3.5%, UEX gained 0.8% and Uranium One lost 1.2%. The best performer on the day was Anglo-Canadian Uranium with a 25.5% gain while the worst loser was Forsys Metals with a loss of 7.0%.
The chart almost seems not to change from day to day although there are minute changes that could be warning of trend changes. First the warnings. The Index, although moving oh so slightly higher, is losing its steam and may be about to reverse for a while. Not yet, but it is becoming more and more of a possibility. The Index has not been able to make much upside headway over the past several days and this weakness is often a prelude to a reversal. Both the short term momentum and the more aggressive Stochastic Oscillator are sitting on top of their overbought lines ready to break below and signal a potential short term down side move.
The normal intermediate term indicators are all still positive, the Index above a positive sloping moving average line, momentum in its positive zone and volume more on the up side (but not much more). Lastly, both the momentum and Index continue inside their upward trending channels. All in all the intermediate term rating remains BULLISH.
Apart from the warnings above, the short term indicators are also all still positive. The short term rating remains BULLISH.
3 comments:
Merv, Please to see a focus point for U308 stock interests, will become much more popular as the interest grows for the return of nuke power industry in the year to come.
Thanks for creating this blog.
Merv, will you create a list of Uranium stocks in the categories of producers, near production, advanced explorers, junior explorers, nothing more than moose pasture high risk stock scams.
As a pure market technician category splits are not that important. Time constraints also do not allow such effort. There must be other sites that provide such categorization. Technical analysis is the one way to avoid disaster from scams. A short answer is that during a scam the scammers must sell their stock to make their killing. Such sales usually show up in the price/volume trading data and when they get out, you get out.
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