After The Close, 17 May 2010
Merv’s Daily Uranium Index
Market Data
Open: 159.33
High: 160.48
Low: 154.33
Close: 156.64
Volume: 3362
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Let’s now see how low this trend will go. We can still hold on to hope that the $150 level remains a support. Should the actual Index price hit 150 that will break below the P&F support and issue a strong bear signal. There still is a long ago downside projection to the 50 level but I don’t think the Index will go that low. Below 150 the next support would be the area just above the 90 value which is the bottom of the previous bear market.
The Merv’s Daily Uranium Index closed lower by 3.62 points or 2.26%. There were 11 daily winners, 33 losers and 6 sleepers. Cameco lost 1.0%, Extract lost 5.0%, Paladin lost 4.6%, Uranium One gained 0.4% and USEC gained 0.2%. The best winner was CanAlaska Ventures with a gain of 8.0% while the loser of the day was Strathmore with a loss of 13.5%. Market Vectors Nuclear Energy ETF lost 1.6%.
The only change in the indicators versus the week-end was more downside. The ratings for the intermediate or short term remains BEARISH.
As for the immediate direction of least resistance, I’ll continue with the lateral direction until I get it right.
Merv’s Daily Uranium Index
Market Data
Open: 159.33
High: 160.48
Low: 154.33
Close: 156.64
Volume: 3362
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
Let’s now see how low this trend will go. We can still hold on to hope that the $150 level remains a support. Should the actual Index price hit 150 that will break below the P&F support and issue a strong bear signal. There still is a long ago downside projection to the 50 level but I don’t think the Index will go that low. Below 150 the next support would be the area just above the 90 value which is the bottom of the previous bear market.
The Merv’s Daily Uranium Index closed lower by 3.62 points or 2.26%. There were 11 daily winners, 33 losers and 6 sleepers. Cameco lost 1.0%, Extract lost 5.0%, Paladin lost 4.6%, Uranium One gained 0.4% and USEC gained 0.2%. The best winner was CanAlaska Ventures with a gain of 8.0% while the loser of the day was Strathmore with a loss of 13.5%. Market Vectors Nuclear Energy ETF lost 1.6%.
The only change in the indicators versus the week-end was more downside. The ratings for the intermediate or short term remains BEARISH.
As for the immediate direction of least resistance, I’ll continue with the lateral direction until I get it right.
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