Merv’s Weekly Uranium Review
for week ending 21 Mar 2008
As the markets were closed on Friday my previous Merv’s Daily Commentary, 20 March 2008 covers the intermediate and short term analysis and there is no use covering it again. I will only cover the long term here this week.
As with the Daily Uranium Index, the Merv’s Weekly Uranium Index closed lower again this week and made a new bear market low. The Index was down 871.19 points or 11.0% to close at 7069.30. There were only four stocks that closed the week higher than the previous week while 46 stocks closed lower. We can’t get any worse than that. Of the five largest stocks by market value, they all closed lower. Cameco closed down 14.4%, Denison closed down 17.2%, First Uranium closed down 4.8%, Paladin closed down 10.9% and Uranium One closed down 4.5%. The best weekly performer, of those four that closed on the up side, was Frontier Pacific with a gain of 6.1% while the worst performer was Fronteer Development with a loss of 28.6%.
As mentioned above, the Index made a new bear market low. However, the long term momentum indicator has not confirmed that low and is still slightly above its previous low. This may not last if we have another down week next week. At the present time that long term bullish declining wedge pattern continues and may still continue for some time. It is a very large pattern and would require a significant advance before breaking above the upper trend line for a break-out confirmation. This kind of wedge pattern does, however, usually break to the up side. For now the long term rating continues to be BEARISH.
If you are not checking this site on a daily basis be sure to check it out on Wednesday evening for the daily version of the table of technical information and ratings of the component stocks of the Index. It is slightly different than the weekly table but it comes in the middle of the week and one does not now have to wait a whole week for a follow-on table.
for week ending 21 Mar 2008
As the markets were closed on Friday my previous Merv’s Daily Commentary, 20 March 2008 covers the intermediate and short term analysis and there is no use covering it again. I will only cover the long term here this week.
As with the Daily Uranium Index, the Merv’s Weekly Uranium Index closed lower again this week and made a new bear market low. The Index was down 871.19 points or 11.0% to close at 7069.30. There were only four stocks that closed the week higher than the previous week while 46 stocks closed lower. We can’t get any worse than that. Of the five largest stocks by market value, they all closed lower. Cameco closed down 14.4%, Denison closed down 17.2%, First Uranium closed down 4.8%, Paladin closed down 10.9% and Uranium One closed down 4.5%. The best weekly performer, of those four that closed on the up side, was Frontier Pacific with a gain of 6.1% while the worst performer was Fronteer Development with a loss of 28.6%.
As mentioned above, the Index made a new bear market low. However, the long term momentum indicator has not confirmed that low and is still slightly above its previous low. This may not last if we have another down week next week. At the present time that long term bullish declining wedge pattern continues and may still continue for some time. It is a very large pattern and would require a significant advance before breaking above the upper trend line for a break-out confirmation. This kind of wedge pattern does, however, usually break to the up side. For now the long term rating continues to be BEARISH.
If you are not checking this site on a daily basis be sure to check it out on Wednesday evening for the daily version of the table of technical information and ratings of the component stocks of the Index. It is slightly different than the weekly table but it comes in the middle of the week and one does not now have to wait a whole week for a follow-on table.
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