After The Close, 13 May 2008
Merv’s Daily Uranium Index
Market Data
Open: 290.13
Hugh: 295.53
Low: 280.45
Close: 288.30
Volume: 4511
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another minor down day in the uranium stocks but still nothing to get worried about. The daily action, in fact, looks very much like one that wants to move higher but let’s not get ahead of ourselves. Let’s just see what the charts and indicators are telling us today.
The Merv’s Daily Uranium Index closed lower by 1.39 points or 0.48%. There were 21 winners, 26 losers and 3 going nowhere. As for the five largest stocks, Cameco gained 0.2%, Denison gained 0.4%, First Uranium gained 1.0%, Paladin gained 1.5% and Uranium One lost 0.7%. The best performer on the day was US Energy with a gain of 10.7% while the worst performer was Uranium Resources with a loss of 17.8%.
Despite a second down day the Index is still above its intermediate term moving average line, however, the line remains in a very slight downward slope. The momentum indicator continues in its negative zone but still above its positive sloping trigger line. You can see on the chart the momentum indicator itself turning towards the down side but still has a little extra to go before it moves below its trigger line. The same situation is shown in the volume indicator with the indicator turning downward but is still above its positive trigger line. Unfortunately (or fortunately) the intermediate term rating remains just below the bullish level at + NEUTRAL.
The short term continues to hold at its previous condition. The Index remains above its positive sloping moving average line and the momentum continues in its positive zone above its positive trigger line. As with the intermediate term, the short term momentum indicator has turned downward but not yet enough to move below its trigger. The volume indicator has moved lower and is very, very close to dropping below its short term trigger line. The trigger is, however, still sloping upward. All in all, the short term rating remains BULLISH.
On the immediate direction the Index remains above its very short term positive moving average line. Where we see a changing event is in the aggressive Stochastic Oscillator. It has now dropped below its overbought line and below its trigger line. The trigger line is also sloping in the downward direction. This has not affected the very short term rating, which remains BULLISH, but is giving us a warning of a potential reversal ahead.
Merv’s Daily Uranium Index
Market Data
Open: 290.13
Hugh: 295.53
Low: 280.45
Close: 288.30
Volume: 4511
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Another minor down day in the uranium stocks but still nothing to get worried about. The daily action, in fact, looks very much like one that wants to move higher but let’s not get ahead of ourselves. Let’s just see what the charts and indicators are telling us today.
The Merv’s Daily Uranium Index closed lower by 1.39 points or 0.48%. There were 21 winners, 26 losers and 3 going nowhere. As for the five largest stocks, Cameco gained 0.2%, Denison gained 0.4%, First Uranium gained 1.0%, Paladin gained 1.5% and Uranium One lost 0.7%. The best performer on the day was US Energy with a gain of 10.7% while the worst performer was Uranium Resources with a loss of 17.8%.
Despite a second down day the Index is still above its intermediate term moving average line, however, the line remains in a very slight downward slope. The momentum indicator continues in its negative zone but still above its positive sloping trigger line. You can see on the chart the momentum indicator itself turning towards the down side but still has a little extra to go before it moves below its trigger line. The same situation is shown in the volume indicator with the indicator turning downward but is still above its positive trigger line. Unfortunately (or fortunately) the intermediate term rating remains just below the bullish level at + NEUTRAL.
The short term continues to hold at its previous condition. The Index remains above its positive sloping moving average line and the momentum continues in its positive zone above its positive trigger line. As with the intermediate term, the short term momentum indicator has turned downward but not yet enough to move below its trigger. The volume indicator has moved lower and is very, very close to dropping below its short term trigger line. The trigger is, however, still sloping upward. All in all, the short term rating remains BULLISH.
On the immediate direction the Index remains above its very short term positive moving average line. Where we see a changing event is in the aggressive Stochastic Oscillator. It has now dropped below its overbought line and below its trigger line. The trigger line is also sloping in the downward direction. This has not affected the very short term rating, which remains BULLISH, but is giving us a warning of a potential reversal ahead.
2 comments:
This is a great blog with excellent technical analysis. Keep up the great work!
BTW, Take a look at Forsys Metals which you covered back mid April. Although I'm not a very good technician, I think the chart is definitely firming up and looking like it will break out soon. What do you think of the FSY chart?
Once again Thanks for the great daily analysis!
anonymous,
Forsys, as with so many uranium stocks, is starting to look interesting. It had gone bullish on the intermediate term on the week end, but not yet short term. Check the table later tonight to see where it is now.
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