After The Close, 28 April 2008
Merv’s Daily Uranium Index
Market Data
Open: 272.72
Hugh: 277.58
Low: 264.23
Close: 268.97
Volume: 3645
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
The best that can be said for the uranium market is that it is still stuck inside that “box”. That’s the positive spin. Everything else, at this time, revolves about a negative spin. Once more the Merv’s Daily Uranium Index has made a new closing low, but not yet a new daily low (I guess that’s another positive). The daily low was reached on April fool’s day, 2008 at 263.1. One more negative day and that low should be breached.
The Merv’s Daily Uranium Index closed lower by 2.90 points or 1.07%. There were 14 daily winners, 33 daily losers and 3 unchanged. Of the five largest stocks there was only one winner. Cameco lost 1.2%, Denison lost 3.4%, First Uranium gained 2.5%, Paladin lost 2.8% and Uranium One lost 0.2%. The best gainer of the day was Uranerz Energy with a gain of 14.0% while the worst loser was Yellowcake Mining (now where have I heard that name before?) with a loss of 13.2%.
Again, there has been no change in the intermediate term picture but let’s go through the routine anyway. The Index continues to trade below its intermediate term moving average line and the line is sloping downward. The intermediate term momentum indicator remains in its negative zone below its negative sloping trigger line. The past month of momentum activity has been showing some minor internal Index strength but not enough to get too gung-ho about. The volume indicator is crisscrossing above and below its intermediate term trigger line. Today it is below the trigger and the trigger is sloping slightly lower. Putting it all together we still get a BEARISH intermediate term rating.
On the short term, this is where we are initially waiting for some action to take place that will tell us which way the Index is destined to go next. For now, despite the rating, the Index remains in its “box” and one can claim a neutral, or lateral, trend until it gets out of the box. For an actual rating we must go to our normal chart and indicators. Here we see the Index trading below its short term moving average line with the line slope heading downwards. The short term momentum indicator remains in its negative zone below its negative trigger line. The short term rating remains BEARISH until we get better looking indicators.
As for the more aggressive or immediate term trend, the Stochastic Oscillator is deep in its negative zone almost inside its oversold level. It is below its negative sloping trigger line but the two are almost closed up and it would only take one day of reasonable action to get the SO to move above its trigger. The Index is also below its very short term moving average line with the line slope being negative. For a final indication of where we are, the very short term moving average line is below the short term moving average line. All this confirms that the immediate term direction remains BEARISH.
Merv’s Daily Uranium Index
Market Data
Open: 272.72
Hugh: 277.58
Low: 264.23
Close: 268.97
Volume: 3645
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
The best that can be said for the uranium market is that it is still stuck inside that “box”. That’s the positive spin. Everything else, at this time, revolves about a negative spin. Once more the Merv’s Daily Uranium Index has made a new closing low, but not yet a new daily low (I guess that’s another positive). The daily low was reached on April fool’s day, 2008 at 263.1. One more negative day and that low should be breached.
The Merv’s Daily Uranium Index closed lower by 2.90 points or 1.07%. There were 14 daily winners, 33 daily losers and 3 unchanged. Of the five largest stocks there was only one winner. Cameco lost 1.2%, Denison lost 3.4%, First Uranium gained 2.5%, Paladin lost 2.8% and Uranium One lost 0.2%. The best gainer of the day was Uranerz Energy with a gain of 14.0% while the worst loser was Yellowcake Mining (now where have I heard that name before?) with a loss of 13.2%.
Again, there has been no change in the intermediate term picture but let’s go through the routine anyway. The Index continues to trade below its intermediate term moving average line and the line is sloping downward. The intermediate term momentum indicator remains in its negative zone below its negative sloping trigger line. The past month of momentum activity has been showing some minor internal Index strength but not enough to get too gung-ho about. The volume indicator is crisscrossing above and below its intermediate term trigger line. Today it is below the trigger and the trigger is sloping slightly lower. Putting it all together we still get a BEARISH intermediate term rating.
On the short term, this is where we are initially waiting for some action to take place that will tell us which way the Index is destined to go next. For now, despite the rating, the Index remains in its “box” and one can claim a neutral, or lateral, trend until it gets out of the box. For an actual rating we must go to our normal chart and indicators. Here we see the Index trading below its short term moving average line with the line slope heading downwards. The short term momentum indicator remains in its negative zone below its negative trigger line. The short term rating remains BEARISH until we get better looking indicators.
As for the more aggressive or immediate term trend, the Stochastic Oscillator is deep in its negative zone almost inside its oversold level. It is below its negative sloping trigger line but the two are almost closed up and it would only take one day of reasonable action to get the SO to move above its trigger. The Index is also below its very short term moving average line with the line slope being negative. For a final indication of where we are, the very short term moving average line is below the short term moving average line. All this confirms that the immediate term direction remains BEARISH.
No comments:
Post a Comment