After The Close, 23 April 2008
Merv’s Daily Uranium Index
Market Data
Open: 280.37
Hugh: 284.04
Low: 268.95
Close: 275.34
Volume: 5930
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another lower close for the uranium stocks. It’s not yet looking ugly but it sure as hell is not looking great. I guess we’ll have to wait for the Index to move through the “box”, whichever way that will be. I keep remembering that we had that next point and figure chart projection to 1.90 in the old scale. That would be the 190 level here. That’s still a potential 30% decline from here. Will it happen? Well, the P&F projections are usually quite accurate BUT at some point in time the final projection is likely not to be met and a reversal occurs. You go with what you got. I’ll go with the continuing market ratings although one eye is always on that projection. It is valid until a reversal of trend nullifies it.
The Merv’s Daily Uranium Index closed lower by 5.02 points or 1.79%. There were 13 winners, 32 losers and 5 going nowhere. As far as the top five stocks by market value are concerned Cameco lost 2.3%, Denison lost 0.3%, First Uranium gained 2.4%, Paladin gained 0.3% and Uranium One lost 3.9%. The best performer on the day was Yellowcake Mining with a gain of 8.7% while the worst performer was Hathor Exploration with a 13.0% loss.
There is still nothing new with the intermediate term. It is still the same as it has been foe weeks, except for the momentum moving above and below its trigger line. It is presently below its trigger line and today the trigger went negative. The intermediate term rating remains BEARISH.
More things happen quicker in the short term. However, the indicators are not much changed from yesterday. The Index is below its negative sloping moving average line. The momentum indicator remains in its negative zone and is below its negative trigger line. The volume action is still very light on both the up and down side. It’s the up side that is important. The short term remains BEARISH.
The analysis was cut somewhat short as I am a little behind and I still have the Daily Uranium Index Table to complete.
Merv’s Daily Uranium Index
Market Data
Open: 280.37
Hugh: 284.04
Low: 268.95
Close: 275.34
Volume: 5930
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another lower close for the uranium stocks. It’s not yet looking ugly but it sure as hell is not looking great. I guess we’ll have to wait for the Index to move through the “box”, whichever way that will be. I keep remembering that we had that next point and figure chart projection to 1.90 in the old scale. That would be the 190 level here. That’s still a potential 30% decline from here. Will it happen? Well, the P&F projections are usually quite accurate BUT at some point in time the final projection is likely not to be met and a reversal occurs. You go with what you got. I’ll go with the continuing market ratings although one eye is always on that projection. It is valid until a reversal of trend nullifies it.
The Merv’s Daily Uranium Index closed lower by 5.02 points or 1.79%. There were 13 winners, 32 losers and 5 going nowhere. As far as the top five stocks by market value are concerned Cameco lost 2.3%, Denison lost 0.3%, First Uranium gained 2.4%, Paladin gained 0.3% and Uranium One lost 3.9%. The best performer on the day was Yellowcake Mining with a gain of 8.7% while the worst performer was Hathor Exploration with a 13.0% loss.
There is still nothing new with the intermediate term. It is still the same as it has been foe weeks, except for the momentum moving above and below its trigger line. It is presently below its trigger line and today the trigger went negative. The intermediate term rating remains BEARISH.
More things happen quicker in the short term. However, the indicators are not much changed from yesterday. The Index is below its negative sloping moving average line. The momentum indicator remains in its negative zone and is below its negative trigger line. The volume action is still very light on both the up and down side. It’s the up side that is important. The short term remains BEARISH.
The analysis was cut somewhat short as I am a little behind and I still have the Daily Uranium Index Table to complete.
No comments:
Post a Comment