Merv’s Daily Uranium Index
Market Data
Open: 264.85
High: 266.69
Low: 253.02
Close: 257.58
Volume: 7204
Note that the volume is an average volume of round lot sales for the 50 component stocks. For total volume, multiply by 5000.
With the momentum indicator continually getting weaker and weaker it was only a matter of time when the Index would take a dive. That’s what it looks like today. Despite the sharp decline in the Index, the momentum indicator remains in its positive zone, but for how long?
The long term remains BULLISH so no need to expand today.
The intermediate term is changing and not for the better. The Daily Index dropped below the moving average line and the line has turned very, very slightly to the negative slope. The momentum indicator, although still slightly in its positive zone, is moving downward fast and remains below its negative trigger line. The volume indicator continues to move lower below its negative trigger line. From Friday’s bullish rating the intermediate term is now gone the other way and is now fully BEARISH. Although the short term moving average line has not yet confirmed the bear that shouldn’t take long, maybe another day or so.
The short term was bearish on Friday and with today’s action it just got more BEARISH. The very short term moving average line confirms this bear.
As for the immediate direction of least resistance, one must go with the down side after today’s weakness.
No comments:
Post a Comment