After The Close, 05 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 135.87
High: 140.76
Low: 131.53
Close: 138.34
Volume: 5708
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Well, another relatively small gain but it’s starting to add up. As a technician I try to find those trend lines or support/resistance levels. Noted on today’s chart is another set of support/resistance lines. These make up a small “box” so let’s watch and see what happens to it.
The Merv’s Daily Uranium Index closed higher by 2.88 points or 2.12%. There were 30 winners, 10 losers and 10 going nowhere. All of the five largest stocks were winners today. Cameco gained 0.5%, Paladin gained 3.4%, Uranium One gained 6.4%, Uranium Participation gained 9.7% and USEC gained 1.8%. The best winner was Wescan Goldfields with a gain of 22.2% while the worst loser was Quaterra with a loss of 12.7%.
The intermediate term is starting to perk up. The Index continues to move above its positive sloping moving average line. The momentum indicator continues to move slowly higher and is above its trigger line. The trigger has turned to the up side today. Good news from the volume indicator. It is not only above its positive trigger line but today it has entered into new rally high ground. It is at its highest level since very early Sept and well above the recent highs, leading the parade towards higher ground. Can the Index be far behind? With the perk up today the intermediate term rating has once more been upgraded to a full BULLISH rating.
On the short term the Index has just moved above its moving average line. The line has turned towards the positive but wasn’t able to make it the full way and ended at the horizontal. The momentum indicator is back in its positive zone and has moved above its trigger line. The trigger has also turned to the up side. The daily trading volume action was lower than yesterday and could use some perking up. However, with the Index and momentum strengthening the short term rating has been upgraded to a full BULLISH rating.
With the slow turn around it really does look like the potential for better upside action is not far away. Whether it comes this week or early next is an unknown. I will stay with the lateral direction as the one with least resistance for another day but I would not be surprised if the up side should come on stronger than in recent days.
Merv’s Daily Uranium Index
Market Data
Open: 135.87
High: 140.76
Low: 131.53
Close: 138.34
Volume: 5708
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Well, another relatively small gain but it’s starting to add up. As a technician I try to find those trend lines or support/resistance levels. Noted on today’s chart is another set of support/resistance lines. These make up a small “box” so let’s watch and see what happens to it.
The Merv’s Daily Uranium Index closed higher by 2.88 points or 2.12%. There were 30 winners, 10 losers and 10 going nowhere. All of the five largest stocks were winners today. Cameco gained 0.5%, Paladin gained 3.4%, Uranium One gained 6.4%, Uranium Participation gained 9.7% and USEC gained 1.8%. The best winner was Wescan Goldfields with a gain of 22.2% while the worst loser was Quaterra with a loss of 12.7%.
The intermediate term is starting to perk up. The Index continues to move above its positive sloping moving average line. The momentum indicator continues to move slowly higher and is above its trigger line. The trigger has turned to the up side today. Good news from the volume indicator. It is not only above its positive trigger line but today it has entered into new rally high ground. It is at its highest level since very early Sept and well above the recent highs, leading the parade towards higher ground. Can the Index be far behind? With the perk up today the intermediate term rating has once more been upgraded to a full BULLISH rating.
On the short term the Index has just moved above its moving average line. The line has turned towards the positive but wasn’t able to make it the full way and ended at the horizontal. The momentum indicator is back in its positive zone and has moved above its trigger line. The trigger has also turned to the up side. The daily trading volume action was lower than yesterday and could use some perking up. However, with the Index and momentum strengthening the short term rating has been upgraded to a full BULLISH rating.
With the slow turn around it really does look like the potential for better upside action is not far away. Whether it comes this week or early next is an unknown. I will stay with the lateral direction as the one with least resistance for another day but I would not be surprised if the up side should come on stronger than in recent days.
3 comments:
I've been waiting for those ratings to go green...harbingers of things to come! It's been a painfully slow lateral trend.
Should we start to look at charts of individual stocks again? It looks like a good time to accumulate...
I believe Cameco will report on Cigar Lake this Friday. Merv, are the charts revealing anything about this upcomming report?
I'm writting this question half for fun.
Thanks
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