After The Close, 28 Jan 2009
Merv’s Daily Uranium Index
Market Data
Open: 139.92
High: 143.97
Low: 134.55
Close: 140.60
Volume: 3853
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another minor move in the Daily Index but this time things are starting to happen. Nothing spectacular but a lot better than what we have had for the past few days. Although the Index remains in the middle of the up trending channel it looks more and more like the next move will be towards the upper resistance trend line of the channel.
The Merv’s Daily Uranium Index closed higher by 1.91 points or 1.38%. There were 19 winners, 18 losers and 13 going nowhere. All of the five largest stocks were winners today. Cameco gained 3.5%, Paladin gained 4.4%, Uranium One gained 1.5%, Uranium Participation gained 2.8% and USEC gained 4.3%. The best winner was Xemplar Energy with a gain of 13.9% while the worst loser was JNR Resources with a loss of 14.3%.
Although it is still difficult to see as the changes are so small we are getting some positive changes in the intermediate term today. The Index remains above its positive moving average line and the momentum remains just below its negative line. The momentum has perked up just slightly but enough to start a move towards its neutral line. It has moved above its trigger line and the trigger has turned very slightly into the positive direction. The changes are minor but enough to upgrade the intermediate term to the BULLISH level again.
As for the short term, here we have slight changes also. First, the Index has closed slightly above its moving average line. The line, which had been sloping downward has now turned into the horizontal direction, not quite to the up side yet. The momentum indicator continues in its positive zone and has turned slightly to the up side. It has crossed above its trigger line and the trigger is now sloping upwards. We see that the momentum indicator remains above its upward trend line and is turning upward from just about at the trend line level. The daily volume action is the only indicator that has not yet started a perk-up process. The short term (15 day) daily volume average has been moving lower and lower with today’s daily volume remaining below the average line. This should perk up tomorrow or at the worst, the next day. Although the changes have been slight they still resulted in the short term rating going to the full BULLISH level.
As for the immediate direction of least resistance, well I am going to upgrade my direction of the past several days and go with the up side today. The Stochastic Oscillator (SO) is suggesting a new strengthening in process and the Index has moved above its positive very short term moving average line. Put this together with the various slight strengthening of indicators for the other time periods and it looks like we may be at the very beginning of a new move. So, I’ll go with the up side as the direction of least resistance.
Merv’s Daily Uranium Index
Market Data
Open: 139.92
High: 143.97
Low: 134.55
Close: 140.60
Volume: 3853
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Another minor move in the Daily Index but this time things are starting to happen. Nothing spectacular but a lot better than what we have had for the past few days. Although the Index remains in the middle of the up trending channel it looks more and more like the next move will be towards the upper resistance trend line of the channel.
The Merv’s Daily Uranium Index closed higher by 1.91 points or 1.38%. There were 19 winners, 18 losers and 13 going nowhere. All of the five largest stocks were winners today. Cameco gained 3.5%, Paladin gained 4.4%, Uranium One gained 1.5%, Uranium Participation gained 2.8% and USEC gained 4.3%. The best winner was Xemplar Energy with a gain of 13.9% while the worst loser was JNR Resources with a loss of 14.3%.
Although it is still difficult to see as the changes are so small we are getting some positive changes in the intermediate term today. The Index remains above its positive moving average line and the momentum remains just below its negative line. The momentum has perked up just slightly but enough to start a move towards its neutral line. It has moved above its trigger line and the trigger has turned very slightly into the positive direction. The changes are minor but enough to upgrade the intermediate term to the BULLISH level again.
As for the short term, here we have slight changes also. First, the Index has closed slightly above its moving average line. The line, which had been sloping downward has now turned into the horizontal direction, not quite to the up side yet. The momentum indicator continues in its positive zone and has turned slightly to the up side. It has crossed above its trigger line and the trigger is now sloping upwards. We see that the momentum indicator remains above its upward trend line and is turning upward from just about at the trend line level. The daily volume action is the only indicator that has not yet started a perk-up process. The short term (15 day) daily volume average has been moving lower and lower with today’s daily volume remaining below the average line. This should perk up tomorrow or at the worst, the next day. Although the changes have been slight they still resulted in the short term rating going to the full BULLISH level.
As for the immediate direction of least resistance, well I am going to upgrade my direction of the past several days and go with the up side today. The Stochastic Oscillator (SO) is suggesting a new strengthening in process and the Index has moved above its positive very short term moving average line. Put this together with the various slight strengthening of indicators for the other time periods and it looks like we may be at the very beginning of a new move. So, I’ll go with the up side as the direction of least resistance.
3 comments:
I always enjoy the posts and charts Merv.
I like that the 65DMA is closing in on the 126ish
support/resistance level to bounce up from.
Finally starting to look like a chart to have some hope in.
Gamblers take your positions!
Anonymous
Just a reminder, my moving averages are based upon the weighted moving average method. The 65 DMAw is very close to the simple 50 day moving average. My 40 WMAw is very close to a 30 week simple average and my 15 DMAw is very close to the 10 day simple moving average. If one finds the weighted method difficult to use on their own they can use the appropriate simple moving averages just as well.
Merv,
Thanks for taking the time to share that feedback always appreciate it.
BF
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