After The Close, 09 June 2009
Merv’s Daily Uranium Index
Market Data
Open: 187.10
High: 192.44
Low: 182.55
Close: 187.99
Volume: 10949
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
The Daily Index remains in the box but seems to be slowly nudging its head against the upper resistance. More and more the Index is slowly gaining strength as evidenced by the continuing strength in the volume indicator. Seems like a lot of accumulation is going on. The Uranium One fiasco seems just about over and the stock is once more heading higher. There was a “gap” in the chart on the day of the plunge. Gaps are usually filled by subsequent action so we can expect at least another $0.50 on the up side for Uranium One before it comes to a decision point as to its future direction. The pattern of the Index as it meanders inside the box looks much like the pattern it made the last time around, Last time the action took a dive to get rid of a lot of week holders. Maybe it will do the same this time. Something to watch out for.
The Merv’s Daily Uranium Index closed higher by 1.78 points or 0.96%. There were 22 winners, 19 losers and 9 fence sitters. Still not a great day. Of those five largest stocks Cameco gained 1.9%, First Uranium lost 2.4%, Paladin lost 1.1%, Uranium One gained 17.4% and USEC gained 0.7%. The best winner of the day was Uranium One with that 17.4% gain while the loser of the day was Bayswater with a loss of 5.6%. Most of the past several weeks, the max losses have been quite small, generally in the single digit range. Just suggests that speculators are not yet convinced that the up side has ended and better action lies ahead.
Although the indicators are changing slightly in the intermediate term this slight change is not affecting the final rating. The Index continues to move well above its positive moving average line and the momentum indicator continues in its positive zone. The indicator has moved just slightly above its trigger line and the trigger has turned very slightly positive. The volume indicator is the main encouraging indicator. It remains in a positive mode above its positive trigger line. The intermediate term rating remains BULLISH.
Since turning up almost two weeks ago the short term moving average line has remained positive. The Index action has crossed the line almost every day but on most days the Index has remained above the line, as it is today. The momentum indicator continues to move sideways just above its neutral line. It and its trigger line seem to be occupying the same space today although the trigger is still pointing slightly downward. The daily volume action is getting back to normal and suggests slight accumulation on-going. The short term rating continues to be BULLISH.
As for the immediate direction of least resistance, that could only remain to be the lateral direction.
Merv’s Daily Uranium Index
Market Data
Open: 187.10
High: 192.44
Low: 182.55
Close: 187.99
Volume: 10949
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
The Daily Index remains in the box but seems to be slowly nudging its head against the upper resistance. More and more the Index is slowly gaining strength as evidenced by the continuing strength in the volume indicator. Seems like a lot of accumulation is going on. The Uranium One fiasco seems just about over and the stock is once more heading higher. There was a “gap” in the chart on the day of the plunge. Gaps are usually filled by subsequent action so we can expect at least another $0.50 on the up side for Uranium One before it comes to a decision point as to its future direction. The pattern of the Index as it meanders inside the box looks much like the pattern it made the last time around, Last time the action took a dive to get rid of a lot of week holders. Maybe it will do the same this time. Something to watch out for.
The Merv’s Daily Uranium Index closed higher by 1.78 points or 0.96%. There were 22 winners, 19 losers and 9 fence sitters. Still not a great day. Of those five largest stocks Cameco gained 1.9%, First Uranium lost 2.4%, Paladin lost 1.1%, Uranium One gained 17.4% and USEC gained 0.7%. The best winner of the day was Uranium One with that 17.4% gain while the loser of the day was Bayswater with a loss of 5.6%. Most of the past several weeks, the max losses have been quite small, generally in the single digit range. Just suggests that speculators are not yet convinced that the up side has ended and better action lies ahead.
Although the indicators are changing slightly in the intermediate term this slight change is not affecting the final rating. The Index continues to move well above its positive moving average line and the momentum indicator continues in its positive zone. The indicator has moved just slightly above its trigger line and the trigger has turned very slightly positive. The volume indicator is the main encouraging indicator. It remains in a positive mode above its positive trigger line. The intermediate term rating remains BULLISH.
Since turning up almost two weeks ago the short term moving average line has remained positive. The Index action has crossed the line almost every day but on most days the Index has remained above the line, as it is today. The momentum indicator continues to move sideways just above its neutral line. It and its trigger line seem to be occupying the same space today although the trigger is still pointing slightly downward. The daily volume action is getting back to normal and suggests slight accumulation on-going. The short term rating continues to be BULLISH.
As for the immediate direction of least resistance, that could only remain to be the lateral direction.
2 comments:
Thanks Merv, but still wondering about UEX, moved up nicely in the last few days, however where do you see it going? No news out but I do think it might reach 2.00 -- you opinion please.
Thanks
A
The Weekly Table has UEX as a POS on the intermediate term. It has recently moved above above its short term (15 DMAw) moving average and the moving average has turned up. Nothing to worry about yet.
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