After The Close, 22 July 2009
Merv’s Daily Uranium Index
Market Data
Open: 170.73
High: 174.67
Low: 167.73
Close: 171.09
Volume: 2815
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Uranium is down another $1.50 this week. Not helping the stocks any.
It seems like that 180 level is a real serious barrier to further upward movement. The chart is setting up what could be looked at as a reverse head and shoulder pattern, a bullish reversal pattern. However, my view of head and shoulder patterns as well as the reverse kind, is that they should have a significant bear trend (in the case of the reverse H&S) leading into the left shoulder. We do have a bear trend here but not one of much significance. Anyway, it is somewhat a potential reverse H&S pattern and one not to discount offhand. We’ll see what the coming days will bring.
Today, the Merv’s Daily Uranium Index closed lower just a smidgeon. It was down 1.55 points or 0.89%. There were 18 winners, 24 losers and 8 stocks just sleeping the day off. The best winner on the day, and the only double digit mover in either direction, was Wescan Goldfields with a gain of 11.1% while the loser on the day was Kodiak Exploration with a loss of 8.1%.
In my last commentary, two days ago, the intermediate term had just gone bullish. Sorry about that. Does the term whip-saw sound familiar? The Index is now once more below its moving average line and the moving average has turned back to the down side. The momentum indicator is still in its positive zone above a positive trigger line but the momentum is heading lower and may cross the line in another day or two. The volume indicator has also weakened having crossed below its trigger line with the trigger turning downward. The rating has not turned all the way but is only at the – NEUTRAL level, one level above a full bear.
Because the Index was so close to its intermediate term moving average line THAT’S why it has crossed below the line so fast. The Index was somewhat higher above its short term line and it has not yet crossed below the line. The moving average line is still also heading in a positive direction. The short term momentum indicator remains above its neutral line in the positive zone and above its positive trigger line. Only the daily volume action is not all that great. On the short term the rating remains BULLISH.
As for the immediate direction of least resistance, I would say that that is still to the down side. The Stochastic Oscillator has dropped below its overbought line and below its trigger line. It is heading lower and still has lots of room on the down side.
Merv’s Daily Uranium Index
Market Data
Open: 170.73
High: 174.67
Low: 167.73
Close: 171.09
Volume: 2815
Note that the volume is an average volume of round lot sales for the 5 0 component stocks. For total volume, multiply by 5000.
Uranium is down another $1.50 this week. Not helping the stocks any.
It seems like that 180 level is a real serious barrier to further upward movement. The chart is setting up what could be looked at as a reverse head and shoulder pattern, a bullish reversal pattern. However, my view of head and shoulder patterns as well as the reverse kind, is that they should have a significant bear trend (in the case of the reverse H&S) leading into the left shoulder. We do have a bear trend here but not one of much significance. Anyway, it is somewhat a potential reverse H&S pattern and one not to discount offhand. We’ll see what the coming days will bring.
Today, the Merv’s Daily Uranium Index closed lower just a smidgeon. It was down 1.55 points or 0.89%. There were 18 winners, 24 losers and 8 stocks just sleeping the day off. The best winner on the day, and the only double digit mover in either direction, was Wescan Goldfields with a gain of 11.1% while the loser on the day was Kodiak Exploration with a loss of 8.1%.
In my last commentary, two days ago, the intermediate term had just gone bullish. Sorry about that. Does the term whip-saw sound familiar? The Index is now once more below its moving average line and the moving average has turned back to the down side. The momentum indicator is still in its positive zone above a positive trigger line but the momentum is heading lower and may cross the line in another day or two. The volume indicator has also weakened having crossed below its trigger line with the trigger turning downward. The rating has not turned all the way but is only at the – NEUTRAL level, one level above a full bear.
Because the Index was so close to its intermediate term moving average line THAT’S why it has crossed below the line so fast. The Index was somewhat higher above its short term line and it has not yet crossed below the line. The moving average line is still also heading in a positive direction. The short term momentum indicator remains above its neutral line in the positive zone and above its positive trigger line. Only the daily volume action is not all that great. On the short term the rating remains BULLISH.
As for the immediate direction of least resistance, I would say that that is still to the down side. The Stochastic Oscillator has dropped below its overbought line and below its trigger line. It is heading lower and still has lots of room on the down side.
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