After The Close, 18 March 2008
Another downer of a day for the uranium stocks but looking at the chart it looks more like the start of a reversal activity than a continuation of a bear. Yes, the Index did close lower but the daily action stayed within the confines of yesterday’s activity. A real down day would be a close below yesterday’s low. Anyway, the Merv’s Daily Uranium Index closed lower by 0.051 points or 1.67%. There were 20 winners, 25 losers and 5 unchanged. That is a lot better than yesterday and is going in the right direction. Of the five largest stocks we had 3 winners and two losers, again better than yesterday. Cameco lost 1.6%, Denison lost 1.2%, First Uranium gained 1.7%, Paladin gained 1.7% and Uranium One gained 0.2%. The best of the Index was Western Prospector with a daily gain of 16.7% while the worst was Mawson Resources with a loss of 9.1%.
Nothing has changed from the intermediate term stand point. The Index is below its negative sloping moving average line and the momentum indicator is in its negative zone below its negative sloping trigger line. The intermediate term rating remains, as it has for some time now, BEARISH.
As for the short term, it too has not changed as far as the rating is concerned. The Index continues below its negative short term moving average line and the short term momentum indicator remains in its negative zone below its negative sloping trigger line. The indicator is sitting just on top of its oversold line but not quite in the oversold zone. Both the short and intermediate term momentum indicators remain above their levels from the January low continuing to give us the potential of a positive divergence. We need the Index to rally before the indicators go much lower for them to confirm such divergence. In the mean time the short term rating continues to be BEARISH.
After the close tomorrow, later in the evening, I will be posting a new table of technical information and ratings. I hope to make it a regular Wednesday thing. It will differ somewhat from the table posted on the weekend in that it is based upon daily data and a revision to some of the indicators. Watch for it later tomorrow evening.
Another downer of a day for the uranium stocks but looking at the chart it looks more like the start of a reversal activity than a continuation of a bear. Yes, the Index did close lower but the daily action stayed within the confines of yesterday’s activity. A real down day would be a close below yesterday’s low. Anyway, the Merv’s Daily Uranium Index closed lower by 0.051 points or 1.67%. There were 20 winners, 25 losers and 5 unchanged. That is a lot better than yesterday and is going in the right direction. Of the five largest stocks we had 3 winners and two losers, again better than yesterday. Cameco lost 1.6%, Denison lost 1.2%, First Uranium gained 1.7%, Paladin gained 1.7% and Uranium One gained 0.2%. The best of the Index was Western Prospector with a daily gain of 16.7% while the worst was Mawson Resources with a loss of 9.1%.
Nothing has changed from the intermediate term stand point. The Index is below its negative sloping moving average line and the momentum indicator is in its negative zone below its negative sloping trigger line. The intermediate term rating remains, as it has for some time now, BEARISH.
As for the short term, it too has not changed as far as the rating is concerned. The Index continues below its negative short term moving average line and the short term momentum indicator remains in its negative zone below its negative sloping trigger line. The indicator is sitting just on top of its oversold line but not quite in the oversold zone. Both the short and intermediate term momentum indicators remain above their levels from the January low continuing to give us the potential of a positive divergence. We need the Index to rally before the indicators go much lower for them to confirm such divergence. In the mean time the short term rating continues to be BEARISH.
After the close tomorrow, later in the evening, I will be posting a new table of technical information and ratings. I hope to make it a regular Wednesday thing. It will differ somewhat from the table posted on the weekend in that it is based upon daily data and a revision to some of the indicators. Watch for it later tomorrow evening.
1 comment:
Hi Merv
Can you expand on the patterns where you may see the start of a reversal?
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