After The Close, 20 Aug 2008
Merv’s Daily Uranium Index
Market Data
Open: 207.30
Hugh: 214.72
Low: 203.51
Close: 210.12
Volume: 2552
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
It was an up day but nothing to write home about. The Index is still somewhat boxed in as it has been for the past couple of weeks. The box, although not perfect, is quite tight as far as the upper and lower levels are concerned so one would not expect the Index to stay there for long.
The Merv’s Daily Uranium Index closed higher by 4.00 points or 1.94%. There were 21 winners and 20 losers, almost a 50/50 split, but there were also 9 going nowhere and we don’t normally see that many undecided. As for the five largest stocks, Cameco gained 3.6%, Denison gained 0.9%, First Uranium gained 9.7%, Paladin lost 1.0% and Uranium Participation lost 0.1%. The best daily performer was CanAlaska Ventures with a gain of 11.1% while the worst performer was Nuinsco with a loss of 8.2%.
As the chart shows nothing much continues to not change in the intermediate term. Only the momentum has crossed its trigger line to the up side but it still is in its negative zone and the trigger is still pointing downward. The intermediate term rating remains BEARISH.
On the short term the Index continues below its negative moving average line. The momentum indicator has moved back above its oversold line and above its trigger line. More importantly, the trigger continues to point in an upward direction. The daily volume, unfortunately, did not improve with today’s upward Index move so not much help here. On the short term the rating remains BEARISH.
On the immediate direction there are some signs that the Index wants to move higher but as yet the Index remains below its very short term moving average line and the Stochastic Oscillator remains in its negative zone below its negative trigger line. So, I will go back to my Monday assessment that the direction of least resistance is still to the lateral.
Merv’s Daily Uranium Index
Market Data
Open: 207.30
Hugh: 214.72
Low: 203.51
Close: 210.12
Volume: 2552
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
It was an up day but nothing to write home about. The Index is still somewhat boxed in as it has been for the past couple of weeks. The box, although not perfect, is quite tight as far as the upper and lower levels are concerned so one would not expect the Index to stay there for long.
The Merv’s Daily Uranium Index closed higher by 4.00 points or 1.94%. There were 21 winners and 20 losers, almost a 50/50 split, but there were also 9 going nowhere and we don’t normally see that many undecided. As for the five largest stocks, Cameco gained 3.6%, Denison gained 0.9%, First Uranium gained 9.7%, Paladin lost 1.0% and Uranium Participation lost 0.1%. The best daily performer was CanAlaska Ventures with a gain of 11.1% while the worst performer was Nuinsco with a loss of 8.2%.
As the chart shows nothing much continues to not change in the intermediate term. Only the momentum has crossed its trigger line to the up side but it still is in its negative zone and the trigger is still pointing downward. The intermediate term rating remains BEARISH.
On the short term the Index continues below its negative moving average line. The momentum indicator has moved back above its oversold line and above its trigger line. More importantly, the trigger continues to point in an upward direction. The daily volume, unfortunately, did not improve with today’s upward Index move so not much help here. On the short term the rating remains BEARISH.
On the immediate direction there are some signs that the Index wants to move higher but as yet the Index remains below its very short term moving average line and the Stochastic Oscillator remains in its negative zone below its negative trigger line. So, I will go back to my Monday assessment that the direction of least resistance is still to the lateral.
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