After The Close, 26 Feb 2009
Merv’s Daily Uranium Index
Market Data
Open: 130.64
High: 135.82
Low: 128.10
Close: 131.62
Volume: 3661
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 slight upside day but still not changing anything. As one commenter noted, the Index is trapped above the “box” support line BUT below the up trending channel support trend line. It would be a great mind easer once the Index crawls above both lines. There is a warning in the technical discipline that very often when the Index (or stock) breaks a support level it will rally back up to the support before finally dropping. This is most often seen when a Head and Shoulder pattern is broken. The price very often drops for a few days then rallies back up to the neck line break before finally going on its bearish way. This is why I will be happy to see the Index move above the channel up trend line, decisively.
The Merv’s Daily Uranium Index closed higher by 1.11 points or 0.85%. There were 30 winners, 11 losers and 9 going nowhere. As for the five largest stocks, Cameco gained 2.1%, Paladin gained 5.0%, Uranium One gained 2.6%, Uranium Participation lost 2.9% and USEC lost 3.6%. The best winner on the day was Uranium Energy with a gain of 17.1% while the loser on the day was Bannerman Resources with a loss of 12.7%.
I’m being lazy again today as I am still on the move and trying to save time here. Both the intermediate and short term ratings remain unchanged as BEARISH since the indicators still have not changed from a couple of days ago. The only change was in the short term momentum indicator. It has moved above its trigger line but the trigger is still pointing slightly downward and I place a greater emphasis on the turning of the trigger line as it confirms the direction of the indicator.
The direction of least resistance remains in the lateral direction as the action has still not gained enough strength either way to call it up or down.
Merv’s Daily Uranium Index
Market Data
Open: 130.64
High: 135.82
Low: 128.10
Close: 131.62
Volume: 3661
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 slight upside day but still not changing anything. As one commenter noted, the Index is trapped above the “box” support line BUT below the up trending channel support trend line. It would be a great mind easer once the Index crawls above both lines. There is a warning in the technical discipline that very often when the Index (or stock) breaks a support level it will rally back up to the support before finally dropping. This is most often seen when a Head and Shoulder pattern is broken. The price very often drops for a few days then rallies back up to the neck line break before finally going on its bearish way. This is why I will be happy to see the Index move above the channel up trend line, decisively.
The Merv’s Daily Uranium Index closed higher by 1.11 points or 0.85%. There were 30 winners, 11 losers and 9 going nowhere. As for the five largest stocks, Cameco gained 2.1%, Paladin gained 5.0%, Uranium One gained 2.6%, Uranium Participation lost 2.9% and USEC lost 3.6%. The best winner on the day was Uranium Energy with a gain of 17.1% while the loser on the day was Bannerman Resources with a loss of 12.7%.
I’m being lazy again today as I am still on the move and trying to save time here. Both the intermediate and short term ratings remain unchanged as BEARISH since the indicators still have not changed from a couple of days ago. The only change was in the short term momentum indicator. It has moved above its trigger line but the trigger is still pointing slightly downward and I place a greater emphasis on the turning of the trigger line as it confirms the direction of the indicator.
The direction of least resistance remains in the lateral direction as the action has still not gained enough strength either way to call it up or down.
1 comment:
i think the real deal is the parrallel downward sloping channel, not the sideways one. give it a look....
Post a Comment