After The Close, 09 July 2009
Merv’s Daily Uranium Index
Market Data
Open: 157.26
High: 162.22
Low: 155.15
Close: 159.13
Volume: 4752
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It’s been a while since I’ve written a commentary and things have happened during that time. Let’s get right to the daily action and what the charts and indicators are telling us.
We are most definitely into a bearish intermediate term trend although not yet a long term one. The Merv’s Daily Uranium Index has been having a rough time over the past several days but today closed on the up side, not that much but still a plus. The Index advanced 3.43 points or 2.20%. There were 30 winners on the day, 16 losers and 4 undecided. The five largest stocks were all in the winner’s circle. Cameco gained 1.3%, First Uranium gained 6.0%, Paladin gained 4.4%, Uranium One (one the TSX most active today) gained 7.1% and USEC gained 0.4%. The best winner of the day was UEX Corp with a gain of 12.4% while the loser of the day was Alberta Star with only a 6.3% loss.
Since my last commentary the intermediate term trend had broken down. The Index is below its negative sloping moving average line and has broken below recent support. There is a good support zone in the 140 to 150 area so let’s hope this holds. The momentum indicator had also finally broken below its neutral line and is in its negative zone. It is also below its negative trigger line. Even more troubling is the break of the volume indicator below its trigger line, which has also turned downwards. For now the only rating I can give the intermediate term is a BEARISH rating.
The short term continues to be negative. The Index remains below its negative sloping moving average line and the momentum indicator remains in its negative zone. It is bouncing off its oversold line but is still quite weak. The daily volume action continues weak which is not unusual during a down move. Lastly, the very short term moving average line remains below the short term line, where it’s been since mid June. The only rating I can give for the short term is the BEARISH rating.
The immediate direction of least resistance seems to have changed for the better. The Stochastic Oscillator, which had been in its oversold zone, has now moved above its oversold line and above its trigger. It seems to be suggesting some more upside ahead. I’ll go with that assessment.
Merv’s Daily Uranium Index
Market Data
Open: 157.26
High: 162.22
Low: 155.15
Close: 159.13
Volume: 4752
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
It’s been a while since I’ve written a commentary and things have happened during that time. Let’s get right to the daily action and what the charts and indicators are telling us.
We are most definitely into a bearish intermediate term trend although not yet a long term one. The Merv’s Daily Uranium Index has been having a rough time over the past several days but today closed on the up side, not that much but still a plus. The Index advanced 3.43 points or 2.20%. There were 30 winners on the day, 16 losers and 4 undecided. The five largest stocks were all in the winner’s circle. Cameco gained 1.3%, First Uranium gained 6.0%, Paladin gained 4.4%, Uranium One (one the TSX most active today) gained 7.1% and USEC gained 0.4%. The best winner of the day was UEX Corp with a gain of 12.4% while the loser of the day was Alberta Star with only a 6.3% loss.
Since my last commentary the intermediate term trend had broken down. The Index is below its negative sloping moving average line and has broken below recent support. There is a good support zone in the 140 to 150 area so let’s hope this holds. The momentum indicator had also finally broken below its neutral line and is in its negative zone. It is also below its negative trigger line. Even more troubling is the break of the volume indicator below its trigger line, which has also turned downwards. For now the only rating I can give the intermediate term is a BEARISH rating.
The short term continues to be negative. The Index remains below its negative sloping moving average line and the momentum indicator remains in its negative zone. It is bouncing off its oversold line but is still quite weak. The daily volume action continues weak which is not unusual during a down move. Lastly, the very short term moving average line remains below the short term line, where it’s been since mid June. The only rating I can give for the short term is the BEARISH rating.
The immediate direction of least resistance seems to have changed for the better. The Stochastic Oscillator, which had been in its oversold zone, has now moved above its oversold line and above its trigger. It seems to be suggesting some more upside ahead. I’ll go with that assessment.
No comments:
Post a Comment