After The Close, 09 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 141.85
High: 146.68
Low: 138.18
Close: 142.51
Volume: 5004
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 small upside day but still not out of the woods yet. Although the indicators are all looking good (except still the long term) the chart still has a resistance or two to overcome. The Index is right up against the upper “box” resistance line so this one might be breached momentarily. It would be more positive to breach the upper channel resistance line but that is some days away.
The Merv’s Daily Uranium Index closed higher today by 1.41 points or 1.01%. There were 19 winners, 27 losers and 4 going nowhere. As for the five largest stocks, they were mixed. Cameco gained 3.6%, Paladin gained 4.7%, Uranium One went nowhere, Uranium Participation lost 1.0% and USEC gained 0.2%. The best winner of the day was Dejour Enterprises with a gain of 15.1% while the loser of the day was East Asia Minerals with a loss of 19.0%.
Let’s go through the long term first. If we go by the weekly chart the Weekly Index is now above its long term moving average line but the line slope is still in a downward direction. The momentum is still in its negative zone. Going over to the Daily Index the Index remains below its long term moving average line and the line slope continues downward. The momentum indicator is still in its negative zone but is above its positive trigger line. At this time I would still rate the long term as BEARISH but getting close to an upgrade.
On the intermediate term the Index continues its move above its positive moving average line. The momentum indicator is still just very, very slightly below its neutral line in the negative zone but above its positive trigger line and moving upward. It is so close to the neutral line that any positive action tomorrow should see the momentum get into its positive zone. The volume indicator continues to act very strong and is above its level from the Sept minor high. The Index itself is still some distance below its Sept high. The intermediate term rating remains BULLISH.
On the short term everything is also rosy. The Index is gaining altitude above its positive moving average line. The momentum indicator is moving higher in its positive zone and above its positive trigger line. Only the daily volume action, unlike the volume indicator, is giving us some hesitation. The daily volume really needs to perk up for the Index to get some strength behind it. This might happen once the Index closes above that upper resistance from the short term “box”. Anyway, the short term rating remains BULLISH.
As for the immediate direction of least resistance, that is becoming to the up side. The aggressive Stochastic Oscillator is now well inside its positive zone with the past five days of slight upside activity in the Index. Let’s see if the Index can break above that “box” resistance line.
Merv’s Daily Uranium Index
Market Data
Open: 141.85
High: 146.68
Low: 138.18
Close: 142.51
Volume: 5004
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 small upside day but still not out of the woods yet. Although the indicators are all looking good (except still the long term) the chart still has a resistance or two to overcome. The Index is right up against the upper “box” resistance line so this one might be breached momentarily. It would be more positive to breach the upper channel resistance line but that is some days away.
The Merv’s Daily Uranium Index closed higher today by 1.41 points or 1.01%. There were 19 winners, 27 losers and 4 going nowhere. As for the five largest stocks, they were mixed. Cameco gained 3.6%, Paladin gained 4.7%, Uranium One went nowhere, Uranium Participation lost 1.0% and USEC gained 0.2%. The best winner of the day was Dejour Enterprises with a gain of 15.1% while the loser of the day was East Asia Minerals with a loss of 19.0%.
Let’s go through the long term first. If we go by the weekly chart the Weekly Index is now above its long term moving average line but the line slope is still in a downward direction. The momentum is still in its negative zone. Going over to the Daily Index the Index remains below its long term moving average line and the line slope continues downward. The momentum indicator is still in its negative zone but is above its positive trigger line. At this time I would still rate the long term as BEARISH but getting close to an upgrade.
On the intermediate term the Index continues its move above its positive moving average line. The momentum indicator is still just very, very slightly below its neutral line in the negative zone but above its positive trigger line and moving upward. It is so close to the neutral line that any positive action tomorrow should see the momentum get into its positive zone. The volume indicator continues to act very strong and is above its level from the Sept minor high. The Index itself is still some distance below its Sept high. The intermediate term rating remains BULLISH.
On the short term everything is also rosy. The Index is gaining altitude above its positive moving average line. The momentum indicator is moving higher in its positive zone and above its positive trigger line. Only the daily volume action, unlike the volume indicator, is giving us some hesitation. The daily volume really needs to perk up for the Index to get some strength behind it. This might happen once the Index closes above that upper resistance from the short term “box”. Anyway, the short term rating remains BULLISH.
As for the immediate direction of least resistance, that is becoming to the up side. The aggressive Stochastic Oscillator is now well inside its positive zone with the past five days of slight upside activity in the Index. Let’s see if the Index can break above that “box” resistance line.
2 comments:
Are the charts revealing anything about Cameco's upcomming report (Friday the 13th) on Cigar Lake? I'm writting this question for fun and would like to see what your other readers think.
As to cameco, did not know of that report, so...welly welly well....says I.
Really just meant to post to thank Merv for ongoing work here.
So, thanks Merv!
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