After The Close, 24 March 2008
As I mentioned on Thursday, six down days in a row is very rare so we had an up day instead. Not much mind you but still an up day and what might be the start of a good rally, or better.
The Merv’s Daily Uranium Index closed up by 0.026 points or 0.93%. There were 27 winners, 18 losers and five that weren’t doing anything. Of the five largest stocks, Cameco gained 0.8%, Denison gained 0.7%, First Uranium gained 0.9%, Paladin gained 2.4% and Uranium One would break the spell and close lower by 7.3%. The best daily performer was Crosshair Exploration with a gain of 12.8% while the worst performer was Aurora Energy with a loss of 10.2%.
The one day rally is not enough to reverse any of the intermediate term indicators. It is, however, showing the momentum indicator in a turning around situation but still in its negative zone and still below its negative trigger line. The two, indicator and trigger line, are converging and another day or so and the indicator could breach the trigger on the up side. More importantly we do have a very minor positive divergence shown in the intermediate term momentum. A more pronounced divergence can be seen in the short term indicator, to be mentioned below. For now the intermediate term rating remains BEARISH.
Things happen a lot quicker in the short term indicators, as one can imagine. Although the Index is still well below its negative sloping moving average line it is the momentum indicator that is the more interesting indicator today. We see a well defined positive divergence in the short term momentum indicator. One day may give us a false feeling of euphoria so let’s wait another day or two before actually proclaiming this a positive divergence. At the same time the indicator has turned upwards and closing fast on its trigger line as well as the oversold line. However, this one day action has not actually changed anything, that should take another day or two. The more aggressive Stochastic Oscillator has now crossed above its trigger line but the line slope is still towards the down side. The SO is just below its oversold line and ready to cross above it tomorrow. Still, nothing has changed in the ratings and the short term rating remains BEARISH, at least for another day.
As I mentioned on Thursday, six down days in a row is very rare so we had an up day instead. Not much mind you but still an up day and what might be the start of a good rally, or better.
The Merv’s Daily Uranium Index closed up by 0.026 points or 0.93%. There were 27 winners, 18 losers and five that weren’t doing anything. Of the five largest stocks, Cameco gained 0.8%, Denison gained 0.7%, First Uranium gained 0.9%, Paladin gained 2.4% and Uranium One would break the spell and close lower by 7.3%. The best daily performer was Crosshair Exploration with a gain of 12.8% while the worst performer was Aurora Energy with a loss of 10.2%.
The one day rally is not enough to reverse any of the intermediate term indicators. It is, however, showing the momentum indicator in a turning around situation but still in its negative zone and still below its negative trigger line. The two, indicator and trigger line, are converging and another day or so and the indicator could breach the trigger on the up side. More importantly we do have a very minor positive divergence shown in the intermediate term momentum. A more pronounced divergence can be seen in the short term indicator, to be mentioned below. For now the intermediate term rating remains BEARISH.
Things happen a lot quicker in the short term indicators, as one can imagine. Although the Index is still well below its negative sloping moving average line it is the momentum indicator that is the more interesting indicator today. We see a well defined positive divergence in the short term momentum indicator. One day may give us a false feeling of euphoria so let’s wait another day or two before actually proclaiming this a positive divergence. At the same time the indicator has turned upwards and closing fast on its trigger line as well as the oversold line. However, this one day action has not actually changed anything, that should take another day or two. The more aggressive Stochastic Oscillator has now crossed above its trigger line but the line slope is still towards the down side. The SO is just below its oversold line and ready to cross above it tomorrow. Still, nothing has changed in the ratings and the short term rating remains BEARISH, at least for another day.
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