After The Close, 18 June 2009
Merv’s Daily Uranium Index
Market Data
Open: 171.48
High: 176.48
Low: 167.38
Close: 172.38
Volume: 7183
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
We’ll just have to wait another day to see if it can close below the box. The plunge seems to have stopped, the reversal should come tomorrow or Monday (finger’s crossed). Should the Daily Index close below the lower box support, below 170, then the next support is at the 154 level from previous activity and an up trend line from the bottom of the previous bear.
We see here a long term, several month, up trending channel. The lower support line is that trend line mentioned above. It is at about the 154 level so would provide the next support. There is an intermediate term up trend line that seems to be the support for the latest action. This trend line is by itself but one can still say it’s valid. Now to see if it holds. Lots of trend lines for us technicians to worry about.
The Merv’s Daily Uranium Index closed higher today by 1.42 points or 0.83%. There were 20 winners, 19 losers and 11 stocks confused. As for those five largest stocks, they were confused also. Cameco lost 0.4%, First Uranium gained 12.7%, Paladin lost 3.5%, Uranium One gained 2.2% and USEC lost 1.9%. The best gainer today was Quaterra with a gain of 19.0% while the worst loser was Xemplar Energy with a loss of 8.9%.
The price trend and volume indicator remain above their long term up trend lines while the momentum indicator has broken below its long term up trend line. This has not affected the long term prognosis, which will be expanded upon on the week-end.
Although the Index stopped moving lower the slight upward close did not change the intermediate term indicators or rating. The intermediate term rating remains – NEUTRAL.
Nothing has changed in the short term indicators either. The short term rating therefore remains BEARISH.
As for the immediate direction of least resistance, well the Stochastic Oscillator broke below its oversold line yesterday and moved back above the line today. A move through the oversold line to the up side usually denotes a slight rally in progress. However, this is usually accompanied by a break above its trigger line, which has not yet happened. However, I’ll go out on a limb and go for the upside as the most possible direction for tomorrow.
Merv’s Daily Uranium Index
Market Data
Open: 171.48
High: 176.48
Low: 167.38
Close: 172.38
Volume: 7183
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
We’ll just have to wait another day to see if it can close below the box. The plunge seems to have stopped, the reversal should come tomorrow or Monday (finger’s crossed). Should the Daily Index close below the lower box support, below 170, then the next support is at the 154 level from previous activity and an up trend line from the bottom of the previous bear.
We see here a long term, several month, up trending channel. The lower support line is that trend line mentioned above. It is at about the 154 level so would provide the next support. There is an intermediate term up trend line that seems to be the support for the latest action. This trend line is by itself but one can still say it’s valid. Now to see if it holds. Lots of trend lines for us technicians to worry about.
The Merv’s Daily Uranium Index closed higher today by 1.42 points or 0.83%. There were 20 winners, 19 losers and 11 stocks confused. As for those five largest stocks, they were confused also. Cameco lost 0.4%, First Uranium gained 12.7%, Paladin lost 3.5%, Uranium One gained 2.2% and USEC lost 1.9%. The best gainer today was Quaterra with a gain of 19.0% while the worst loser was Xemplar Energy with a loss of 8.9%.
The price trend and volume indicator remain above their long term up trend lines while the momentum indicator has broken below its long term up trend line. This has not affected the long term prognosis, which will be expanded upon on the week-end.
Although the Index stopped moving lower the slight upward close did not change the intermediate term indicators or rating. The intermediate term rating remains – NEUTRAL.
Nothing has changed in the short term indicators either. The short term rating therefore remains BEARISH.
As for the immediate direction of least resistance, well the Stochastic Oscillator broke below its oversold line yesterday and moved back above the line today. A move through the oversold line to the up side usually denotes a slight rally in progress. However, this is usually accompanied by a break above its trigger line, which has not yet happened. However, I’ll go out on a limb and go for the upside as the most possible direction for tomorrow.
2 comments:
Merv, thanks for the excellent commentary today. I found it to be a very informative and a very intersting analysis.
It looks like that 154 support level is basically the 200DMA. I am glad to hear that a violation of 170 while compromising the intermediate, isn't necessarily bearish for the long term trend.
My guess is a violation, closing below 170, would probably send us down pretty quickly to that 154 level.
I always look forward to and appreciate the time you take in sharing your knowledge with us.
Best regards.
Why would one sell at these levels. The spot is up, oil is trending higher and so on. I would think that 170 is a bottom. Or maybe this is wishful thinking.
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